BC Assessment has released the results of their work over the past year, and for Bowen Island, that work shows the value of homes up an average of 10.5 percent.
This increase is smaller than last year’s, when a number of property owners got early assessment letters showing increases of between 30 -50 percent. On average, property values on Bowen increased by 20 -25 percent in 2016.
Realtors Dee and Frazer Elliott say they consider tax assessed values irrelevant in comparison to market price.
“There is a very wide spread in how far above and below tax assessed value properties on Bowen sell for,” says Frazer.
BC Assessment, however, does not agree.
“Prices are evergreen, but we tie our assessments to the date of July 1,” says Paul Borgo, assessor for the Greater Vancouver Region. “We gather information from permitting and reviewing building plans. If we know that a renovation permit has been acquired, we will go to homes - home owners are not always home so they don’t necessarily know we are there. We also periodically overlay aerial photos with existing building sketches that we have and this helps us find construction that has been done without a permit.”
Home owners who have seen their tax assessed values increase may be concerned about property tax increases.
Bowen Island’s Municipal communication’s coordinator points to a information video released by the City of Surrey that explains how property taxes are determined, and adds that no decisions can be made until BC Assessments sends the roll (which shows the value of all properties on Bowen) in March. Also, Bowen Island Municipality does not currently have a chief financial officer. This role must be filled before any property tax decisions can be made.
Home owners who are concerned that their new assessments may exclude them the BC Home Owner Grant may find comfort in the news that all houses valued at less than $1.6 million are now eligible for the assistance.
