Home owners, how bad is your 2012 assessment?
Our house (New West) has a +7% and is about 3-5% below market price.
My friend's house at Richmond has a +40% and that brings it over recent market price at his block.
Another crazy example, friend's house at Vancouver West has an increase of $1M just on the land.
However, one friend's apartment at Burnaby has a lower estimation this year.
Yes, it's really case by case. BC assessment is just a very general estimation, for example, it won't (and can't) include any of home improvement spent on individual house. For example, if you spent 50 thousand for upgrading your kitchen floor, counter tops, cabinets and appliances, you just won't sell your house only based on the assessment or a rough/fixed certain percentage higher than the assessment or a referenced market price, but even higher.
The reason is they wouldn't go into the house and check the condition, they just rougly estimate it depends on the year it was built. A crappy house and a nicely built house, a remodelled house and a run down house they can have such a huge difference when you put it out to the market and does the assessment really care about that?
NO, BC assessment and market price u can't really put a formula to it, it's more like JUST a REFERENCE only!!!!!!! For single family home, I wouldn't really look at the house value but the land value for reference only, it's really case by case, so also depends on what kind of housing you are referring to...
First, assessment is base on number from last summer. So it is at least half a year off.
Second, assessment could be fairly off from the market value. My last apartment's assessment price was ~10% below my selling price which is pretty common. Plus there was a freeze on assessment value since 2007 (thx to Campbell). The bigger increase cases are usually from those who had their assessment frozen in the last couple years.
I agree with your point, the expenses of the municipality have inceased quite a bit after they start collecting property tax directly from taxplayer... I remember I've read an article on Province related to a review of the increase of property tax in proportion to municipality expense in the last decade or so, that's ridiculous...
發表於 2012-1-10 16:01
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