Image from Vancouver Sun article, January 5, 2016.
The latest property value assessments are available online at BC Assessment (link).
Many neighbourhoods, including Moody Centre, have much higher assessments than last year. Moody Centre has experienced steep increases for several consecutive years. Freehold single family home property increases (% jumps) have outpaced strata properties in most areas.
This could mean large tax increases, particularly if an individual property assessment is much greater than the city’s “average” calculation. Port Moody’s current average is $566,700, as noted in the budget town hall presentation on November 30, 2015. Links to more information from the town hall are available from this city webpage.
The city is planning another information meeting on January 28, 2016.
Some people can apply for tax deferral, or challenge their assessment, under certain conditions.
There has been a great deal of local reporting on this subject such as the following.
—B.C. assessments show strong appreciation in Vancouver single-family home values (Vancouver Sun)
—Metro homeowners face tax hit from rising property assessments (Vancouver Sun)
—Detached homes are a hot commodity (Tri-City News)
—Metro Vancouver commercial property owners eye rising assessments (Vancouver Sun)
—Appeal options help B.C. homeowners who have rising property assessments (Vancouver Sun)
Excerpt from Appeal options link above:
“Section 19.8 is designed to protect long-term homeowners in a neighbourhood from land-use changes, such as rezoning or subdividing. These changes can drive up property values by assessing a property based on potential for redevelopment rather than its actual use.”
Homeowners have until Jan. 31 to appeal their assessments.