BC Assessments — 2019 (valuation from July 1, 2018)
BC Assessment has released its latest property/home valuations. The valuations are based on a six month lag (July 1, 2018).
In Tri-City News article Home sales plummet in the Tri-Cities (see link below), it’s reported than since the valuations, prices have decreased.
BC Assessment reports that Port Moody’s average residential increase is 8%.
However, there are some wild fluctuations from the average.
For example, in Moody Centre the traditionally RS1 area on St George Street — from Buller on the east to Moody Street on the west — is experiencing much higher valuations based on “potential” use, due in part to the city’s OCP and zoning bylaw changes which allow for rezoning applications for multi-family units. In one case the valuation jumped by 100%; in many cases the increases are 80% or more, and the primary reason appears to be the spike in assessed land value (and developers influence this value depending on what they pay for a lot).
Some homeowners can seek valuation based on “actual” use; e.g., if they’ve owned and occupied for 10 or more years.
For owner-occupiers of less than 10 years, or rental units, the owners can file an appeal and hope they can make a good case for an adjustment.
These valuation increases could produce extremely high tax bills. The more they diverge from the average of 8% the steeper the potential tax hike. (The city is looking at a draft budget proposing a 7.36% tax hike; this represents early discussions and the number is a starting point.)
Below is information for a home on St George Street west of Moody Street, where the homeowner-occupier has valuation based on “actual” use. On the right-hand graph, the purple and yellow lines (property % change, and jurisdiction % change) are both in a downward direction from 2017 to 2019.
In the example below, the property is on St George Street east of Moody Street, and the graph information is based on “potential” use. Note the striking difference in valuation, and divergence from the city residential average.
Related, on this site:
Property assessments, BC, as of July 1, 2017 (posted January 5, 2018; contains links for earlier years)
Changing neighbourhoods: Demovictions, heritage, and taxes (posted June 2016)
Port Moody City Taxes — more graphs, samples, and information (posted June 2016)
BC Assessment (home page; includes a lot of information including the form for appeals)
Not happy with your property assessment? Here’s how to appeal it (CBC, Jan. 2, 2019)
Home sales plummet in the Tri-Cities (TCN, Jan. 4, 2019)
Excerpt: “In the last six months, detached homes have seen values fall 7.5% in Coquitlam, 8.1% in Port Coquitlam and 4.3% in Port Moody. Condominium values have also fallen during the same time period, with the benchmark value dropping 6% in Coquitlam, 7.8% in Port Coquitlam and 10.3% in Port Moody.”
2018’s Metro Vancouver home sales lowest in 18 years (TCN, Jan. 3, 2019
Update, BC Assessment issues:
Priced out of the neighbourhood?, Tri-City News, Jan. 23, 2019
The Moody Centre Community Association (MCCA) welcomes your comments.