West Coast Ivana Blog


BC Assessment – How much did your home go down in value?

Assessments for detached homes were also lower, with West Vancouver again leading the way with a 16 per cent decrease. Coquitlam, Port Moody, and Vancouver all saw an 11 per cent decrease, while Maple Ridge and Pitt Meadows each dipped six per cent.

Only three cities saw increases for detached homes:

  • Whistler (5%);
  • Pemberton (5%); and
  • Squamish (0.3%).

 

Sample Property Value Changes year over year, by neighbourhood

Location 2020 Assessment Roll (Valuation date of July 1, 2019) 2019

Assessment Roll

(Valuation date of July 1, 2018)

$

Change

%

Change

Burnaby detached $1,363,000 $1,512,000 -$149,000 -10%
Burnaby strata $569,000 $623,000 -$54,000 -9%
Coquitlam detached $1,121,000 $1,254,000 -$133,000 -11%
Coquitlam strata $537,000 $591,000 -$54,000 -9%
Maple Ridge detached $768,000 $820,000 -$52,000 -6%
Maple Ridge strata $437,150 $463,400 -$26,250 -6%
New Westminster detached $1,054,000 $1,147,000 -$93,000 -8%
New Westminster strata $500,000 $547,000 -$47,000 -9%
North Vancouver District detached $1,479,000 $1,616,000 -$137,000 -9%
North Vancouver District strata $693,000 $758,000 -$65,000 -9%
Pemberton detached $873,000 $829,000 -$44,000 +5%
Pitt Meadows detached $821,000 $871,000 -$50,000 -6%
Port Coquitlam detached $875,000 $969,000 -$94,000 -10%
Port Coquitlam strata 486,000 $533,000 -$47,000 -9%
Port Moody detached $1,192,000 $1,342,000 -$150,000 -11%
Port Moody strata $615,000 $648,000 -$33,000 -5%
Richmond detached $1,322,000 $1,532,000 -$210,000 -14%
Richmond strata $600,000 $654,000 -$54,000 -8%
Squamish detached $930,000 $927,000 +$3,000 +0.3%
Squamish strata $562,000 $584,000 -$22,000 -4%
Vancouver detached $1,568,000 $1,755,000 -$187,000 -11%
Vancouver strata $686,000 $740,000 -$54,000 -7%
West Vancouver detached $2,356,000 $2,803,000 -$447,000 -16%
West Vancouver strata $1,156,000 $1,288,000 -$132,000 -10%
Whistler detached $2,033,000 $1,935,000 +$98,000 +5%
Whistler strata $919,000 $957,000 -$38,000 -4%

 

Property tax

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring, once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.

Questions? Contact BCA.

Home Owner Grant thresholds announced

The Home Owner Grant a provincial grant which reduces the amount of property tax an owner pays. To qualify you must:

  • be the registered owner;
  • occupy the home as your principal residence;
  • be a Canadian citizen or permanent resident of Canada; and
  • live in BC.

The Home Owner Grant threshold applies across the province. The amounts are:

  • $570 for the basic grant;
  • $770 if the home is located in a northern or rural area;
  • Up to $845 for home owners age 65 and more or a home owner with a disability; and
  • Up to $1,045 for home owners age 65 and more or a home owner with a disability where the home is in a northern or rural area.

The grant is available to owners of property assessed at up to $1.525 million in 2020, down from $1.65 million in 2019 to accommodate the decline in home prices.

The grant is reduced by $5 for each $1,000 of assessed value over $1,525,000. This means properties assessed up to $1,639,000 ($1,679,000 in a northern and rural area) can receive a partial regular grant.

In northern and rural areas, the basic grant fully phases out at $1,804,000 and the higher grant at $1,859,000.

 

 

 

Original Article


Leave a Reply

Your email address will not be published. Required fields are marked *

Code copied to clipboard.