Some homeowners in the Metro Vancouver area can expect to see a significant increase when they receive their 2016 assessment notices in the mail this January.
Increases of 15 to 25 per cent are expected for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond, Surrey and Delta.
Typical strata residential increases will be in the five to 10 per cent range.
The increase for the rest of the province is less dramatic with typical increases in the zero to 10 per cent range.
Jason Grant, the Greater Vancouver regional assessor for B.C. Assessment, says these are “certainly some of the highest increases we would have seen in the last 10 years.”
The 2016 notices will be mailed to property owners during the first week of January with a valuation date of July 1, 2015.
Grant says the real estate market determine what a property is worth. “But a dramatic increase in your property assessment does not mean a dramatic increase in property taxes,” he cautions.
BC Assessment collects, monitors and analyzes property data throughout the year. It is a publicly owned Crown corporation that provides property assessments and collects property information for nearly two million properties across the province.
Grant says any homeowner can log in to evaluebc to gain direct access to their info and help them understand their property assessment.
© Shaw Media, 2015