Most single-family properties in Vancouver increased in value by between 10 and 25 per cent, according to the 2012 assessment roll released by B.C. Assessment Tuesday-while the assessed value of some West Side properties skyrocketed by as much as 20 to 40 per cent.
The 2012 assessment roll figures represent valuations done July 1, 2011.
"It's been a really strong market for Vancouver, a good one-a robust one," said Paul Borgo, deputy assessor for the Vancouver Sea to Sky region. The overall city assessment roll jumped from $222 billion last year to $254 billion this year-a change of more than 14 per cent. "That's a pretty good increase for the City of Vancouver for this year."
Changes in property assessments can vary greatly from property to property, according to the independent Crown agency. A professional appraiser analyzes sales in the area and considers other characteristics such as size, age, quality, condition, view and location when estimating a property's market value.
The assessed value of a West Side single family home on a 50-foot lot, for example, climbed from $1,189,000 on the 2011 assessment roll to $1,645,000 on the 2012 roll.
A West Side single family home on a 33-foot lot went from $1,012,000 to $1,329,000, while an East Side single family home on a 33-foot lot went from $816,000 to $1,031,000.
"What's interesting this year is we're seeing the West Side of Vancouver outperform the East Side. That's resulted in increases in market value typically greater on the West Side than the East Side neighbourhoods-it sometimes has [happened]. It's not always the case," Borgo said.
B.C. Assessment mailed approximately 1,500 "extreme letters" to West Side property owners notifying them of major changes in their assessments over last year because of the strong market.
"We have been doing that over the last few years to our customers provincially to let them know, as a courtesy, when there's a significant change in assessment coming-or extreme change and this year, for Vancouver, that's a fair number-1,500 letters is a fair number of letters," Borgo said. "It allows us to have some dialogue with owners a little bit ahead of time rather than just opening the assessment notice and not understanding why a significant change had occurred."
The assessed value of strata condominium properties also increased, but typically by less than 10 per cent.
A downtown two-bedroom apartment increased from $542,000 on the 2011 assessment roll to $610,000 on the 2012 roll, while a West Side two-bedroom apartment went from $642,000 to $666,000, and an East Side two-bedroom apartment increased from $373,000 to $386,000.
Anyone who finds incorrect information on his or her assessment should contact the B.C. Assessment office as soon as possible. Homeowners can appeal property assessments, but the deadline is Jan. 31. Only about one or two per cent typically file a Notice of Complaint (an appeal).
"They would have to have a concern that their assessment isn't reflective of market value at July 1, 2011, which is what their assessment notice is to reflect," Borgo said. "On our website there's an e-valueBC feature, which gives the public access to other neighbouring property assessments, as well as comparative sales that have taken place in the community. So it does allow them to have more information at their fingertips to review their assessment and determine whether that's a realistic number."
An independent Property Assessment Review Panel reviews appeals. They're appointed annually by the Ministry of Community, Sport and Cultural Development and meet between Feb. 1 and March 15 to hear formal complaints.
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