Saturday, January 06, 2007

Property assessments up 23 percent!

Property value assessments are up across the province. In Burnaby, the increase is 23 percent.

Chances are many Burnaby property owners will be taking their complaints to city hall to get their properties reassessed, in hopes of their property not having a taxable increase of 23 percent. Given the enormous jump, municipal officials across the province will likely be busy over the coming weeks as British Columbians cry foul over the sizable jump in assessed values in the lead up to the 2010 Olympics.

2 Comments:

Anonymous Anonymous said...

It's not the City of Burnaby that has jurisdiction over reassessment of properties, it's the BC Assement Authority's Assessment Appeal Board.

The BC Assement Authority is a provincial government agency, but the provincial government takes a "hands off" approach in telling the BC Assessment Authority on how to do things, espcially when it comes to property valuation methods.

The Appeal Board is there for property owners to show cause and demonstrate why their property should be adjusted in valuation up or down. It can take the tool of good professional appraisal
get the Assessment Authority to change its assessment of the property, something which can be expensive to do.

Going in there and saying "I want my property reduced in valuation because I can't afford the additional property taxes that will hit me" isn't going to
change their opinion.

Property taxes on the other hand are set by the mill rate, a formula based on the total value of properties of all types in Burnaby(commerical, industrial and residential). Property taxes can stay where they are, be reduced or increased based on what Council sets.

The value of property applied into the
mill rate is the property tax amount.

Doubt if the 2010 Olympics has anything much to do with it, it is simply a product of heated real estate market demand and basic economics.

Anyone who thinks property valuations are set by Burnaby Council is a fool,
and doesn't know the fundamentals of civic government.

But there's been a few fools running
as candidates for civic government from both the BCA and Team Burnaby.

1/06/2007 8:44 PM  
Anonymous Anonymous said...

Actually a bit of correction from my previous snorting..

The Property Assessement Review Panel
is the first stop if there is to be an appeal of a property assessement. The Property Assessment Review Panel is independent of BC Assessment (previously it was part of BC Assessement).

Crying to Burnaby Council or whining to your Burnaby MLA will be a waste of time. Might as well put the Scotties
tissues away now.

Don't even think about using political angles as that simply won't work.

We've seen what happens when political angles are used by supporters of a federal party (aka: the federal Liberals and Adscam).

Never ever get a public servant or bureaucrat mad at you.

It will only make things worse than they already are.

Be nice to us, and we'll be nice to you.

Fools.

1/06/2007 8:58 PM  

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