In North and West Vancouver, many owners of single family homes have received letters warning them that they will likely see increases of between 30 - 50% on the value of their properties when their assessment is delivered in January. Home owners in Squamish are being delivered similar letters, and here on Bowen, notices have been delivered to 197 properties.
The Municipal Manager of Finance, Kristen Watson says that a letter from BC Assessment mentioned that property values across the island will see average increases of between 20 - 25% in value.
“In all likelihood, Council will approve a nominal property tax increase, all things being equal, everyone will prob pay a bit more than last year,” says Watson. “But for those who are seeing the larger increases in assessed value, the tax increase will be larger.”
Beyond the strain of higher taxes, Councillor Melanie Mason says that she is concerned about this year’s assessments making Bowen Island even more unaffordable for young families and people on fixed incomes.
“I’m worried that property prices will rise and make it harder to live here than it is already,” says Mason.
Realtor Frazer Elliott says that he has been shocked to see how much a few of his client’s assessments have gone up, but that in general, the tax-assessed property values don’t reflect the market.
“In the past year, the property on Bowen has sold for 136% of its tax-assessed value, and that has been true for a while now,” says Elliott. “While it is something we follow closely, it is not an accurate reflection.”
He says that if someone is seeing a really dramatic jump in their assessed value, there is always the option of appeal it.
“If you do appeal, it is important to do your homework and have a strong case as to why the assessment may be inaccurate,” he says. “Your realtor can help, or help you decide if this is a good route to go.”
Realtor Frances Frost says that while she understands that the increases in assessed values are tied to this 2016’s increased sale prices, she is not confident in BC Assessment’s process.
“Fifteen years ago, the assessor would come over here and actually peek into windows, but now they just call up realtors,” she says. “They’ve called me wondering why I sold a property for significantly less than the assessed value, and I’ve had to explain that the property was steep, it didn’t have a septic system, and was generally very complicated. In order to understand what a property is worth, you really need to do the leg-work.”
