At this time of year, there’s one more tradition… mailing your property tax assessment!
You should have received it in the mail by now, and depending on your perspective, it could be good or bad news.
This year tax assessments for strata properties saw the highest increases. Most are in the 20% – 30% range but some were raised as much as 40% since last year. Meanwhile, detached properties have mostly decreased in value according to BC Assessment. The threshold to qualify for the homeowner grant also increased marginally to $1.65M as well.
Assessed values aren’t always exactly in line with market value and while there is more data publicly available than ever, interpreting that information is not so straight forward. If you feel that your property tax assessment doesn’t accurately reflect the value of your property, we are here to help. We have the knowledge and expertise (and access to more comprehensive data) to help you. This could result in a lower tax bill.
“We also want to remind you that as a property owner in Vancouver, you now have a new responsibility. “
By February 2nd, 2018 (the day property taxes are due) you have to declare the status of all properties that you own for 2017…whether they were vacant or occupied.
In order to make your declaration you do require your folio number and access code which were included in your advance property tax notice. The process can be completed online quite simply and easily (instructions on how to file your declaration are also included with your advance property tax notice). Failure to make your declaration can result in a very hefty fine (1% of the property’s assessed taxable value)…so don’t forget!
As always, please let us know if you’d like our help with this or any other real estate matter. And if any of your friends or family members might appreciate the same kind of service, please do send them our way. Of course there would be absolutely no obligation to either you or to them.