While it’s no secret that housing prices are on the rise in New West, some residents could be forgiven if they’re feeling a little shell-shocked by their 2016 property assessments.
B.C. Assessment has begun mailing out assessment notices to property owners in Greater Vancouver and warned that New Westminster is seeing some of the highest increases in the region. The assessment notices reflect market value as of July 1, 2015.
“The 2016 assessments are indicating significant increases from 2015,” assessor Jason Grant said in a press release. “Increases of 15 to 25 per cent will be typical for single-family homes in Vancouver, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish.”
Grant said typical strata residential increases throughout the region will be in the five to 10 per cent range. B.C. Assessment provided some examples of the increases being seen in New Westminster:
* A 1910s Queen’s Park single-family home assessed at $1,076,000 in 2015 was assessed at $1,209,000 in 2016, a 12 per cent increase.
* A 1960s single-family home in Sapperton assessed at $776,000 in 2015 climbed to $909,000 in 2016, a 17 per cent increase.
* A 1992 strata highrise in Sapperton assessed at $415,000 in 2015 rose to $436,000 in 2016, a five per cent increase.
* A 1993 strata lowrise in the Brow of the Hill assessed at $301,000 in 2015 was assessed at $335,000 in 2016, an 11 per cent increase.
Mayor Jonathan Cote said assessments in New Westminster have seen a “significant jump” this year, as has been the case in most places in Metro Vancouver. While everyone thinks about their own tax situation, he said it’s important to look at how their assessment increase compares with the rest of the city.
“If the city’s average went up X per cent and your average went up the same percentage, than there won’t be any additional impact on your tax bill,” he said. “It’s only when your property assessment has gone up substantially higher than the rest of the city that you can notice that. I know a lot of residents get very concerned when they see the increase in their assessments.”
Some homeowners in received notices in December warning them that they could face assessment increase of $300,000 or more on their land value. One homeowner in lower Sapperton knew of at least two homes in her neighbourhood that were previously assessed at $536,000 and $564,000 and are now assessed at $884,000.
“B.C. Assessments did send out a notice earlier in December to property owners that saw substantial increases in their assessment,” Cote said. “It would be those property owners that are more likely to see an impact on their property taxes because of the assessment, compared to the more regular increases that are more typical across the city.”
Property owners who don’t feel their property assessment reflects market value as of July 1, 2015 or see incorrect information on their notice are advised to contact B.C. Assessment as soon as possible. If they’re still concerned about their assessment after speaking to one of B.C. Assessment’s appraisers, they can submit an appeal by Feb. 1 to have an independent review done by a property assessment review panel.
Queensborough properties with acreage and homes are highest assessed homes in New Westminster – followed by a number of single-family homes in the Queen’s Park neighbourhood. Here’s the top 10 for 2016 and a few comparisons to the previous year.
* 1135 Salter St. – $4,207,000 taxable value (compared to $2,717,000 in 2015)
* 1016 Salter St. – $2,889,000 ($2,295,000 in 2015)
* 122 Third Ave. – $2,716,000 ($2,080,000 in 2015)
* 221 Queens Ave. – $2,662,000 ($1,991,000 in 2015)
* 101 College Crt. – $2,534,000 ($1,745,000 in 2015)
* 218 Regina St. – $2,525,000
* 127 Queens Ave. – $2,460,000
* 106 Fifth Ave. – $2,438,000
* 303 Queens Ave. – $2,366,000
* 323 Third St. – $2,329,000
