Most properties up more than 10%
Damian Inwood
Province
Homeowners in the Vancouver region will see increases in their property assessments of between 10 and 20 per cent this year.
But property taxes will likely increase by a smaller percentage, officials say.
A B.C. Finance Ministry spokesman said yesterday an increase in homeowner-grant eligibility from the current $950,000 threshold is under consideration to offset the jump in assessments.
“The entire 2008 provincial assessment roll has increased by 16 per cent over the 2007 roll,” said Jason Grant, area assessor for the Vancouver Sea-to-Sky region.
“Most of the increases in Vancouver fall in the 10- to 20-per-cent range for single-family residential and strata properties.”
The biggest leap is in Stewart, in northwest B.C. — an average jump in assessments of 56.29 per cent.
At the bottom of the table is Tumbler Ridge, which saw assessments drop by 7.57 per cent.
Metro Vancouver saw average increases ranging from 8.6 per cent in Burnaby to 13.8 per cent in West Vancouver in figures released yesterday.
– In North Vancouver‘s upscale Delbrook area, the average single-family home went up $105,000, from $778,000 to $883,000.
– West Vancouver waterfront increased on average $443,000 last year, from $3.79 million to $4.23 million.
– On Vancouver‘s west side, a single-family home on a 33-foot lot went up $187,000, from $869,000 to $1,056,000.
– A single-family home in Abbotsford rose on average from $388,000 to $457,000, while a Cloverdale three-bedroom condo increased from $306,000 to $338,000.
– In Kelowna, a single-family home in the Mission district went from $427,000 to $506,000, while a home in the Kamloops North Shore area went up from $216,700 to $264,600.
“Keep in mind, Vancouver increased just over 12 per cent this year,” added Grant. “That’s half what the increase was last year for the residential rate. It’s still going up at a significant pace but just less so, relative to previous years.”
He said Whistler and Pemberton stand out in that it’s the first time in four years that residential assessments there have jumped.
Whistler assessments increased 4.06 per cent, while a single-family home in Pemberton rose by an average of seven per cent.
Finance Ministry spokesman Robert Pauliszyn said officials are reviewing the assessment data as they consider increasing the homeowner-grant threshold.
“In each of the last four years, the threshold of the homeowner grant was increased in response to higher property values,” he said.
“So the Ministry of Finance will determine whether or not adjustments to the homeowner-grant program are required this year.”
That decision should be announced by mid-January.
Last year, Finance Minister Carole Taylor boosted the maximum assessment eligible for the homeowner grant by almost 22 per cent, from $780,000 to $950,000.
B.C. Assessment spokesman John Barry said a 10- to 20-per-cent increase in assessments should not translate into the same level of increase in property taxes.
He said property-tax increases are decided when municipalities set their local mill rates, in order to meet budget needs.
Homeowners can check their assessments at www.bcassessment.ca.
© The Vancouver Province 2008