Valuation Matters January 2018

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January 8, 2018

 
 


Valuation Matters 

We are pleased to publish the January 2018 Valuation Matters newsletter.

Property Tax Notices Are Here Again

BC Assessment has sent out the Notices of Assessment for 2018 and many businesses are rightfully horrified to see some of the increases. While the great commercial market has resulted in great increases in value, they also will result in increased assessments.

BC Assessment has stated that commercial and industrial properties throughout the Greater Vancouver area will also see significant increases in the 10 to 30 per cent range, with properties being purchased for eventual redevelopment often exceeding these ranges. In fact, small commercial properties are land value for most properties.  During December, BC Assessment provided courtesy notification letters to property owners whose assessments are increasing significantly more than the typical range of change.

BC Assessment's website was updated on January 2nd, 2018 with access to 2018 property assessment information including assessment details for all properties.  You can look up yours at BC Assessments e-Value BC

The appeal period ends on January 31, 2018. Call us at 604-608-6161 if you would like more information.  

Appealing Vancouvers' Vacant Home Tax

To address Vancouver’s housing crisis, Vancouver City Council has implemented an annual tax on empty or under-utilized residential properties called the Empty Homes Tax. Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the tax.

Properties deemed empty will be subject to a tax of 1% of the property’s assessed taxable value, or $10,000 per Million in assessed value.

While I support the goal, in talking with developers and other homeowners, I believe that some properties fall into a grey area, and we at Bramwell & Associates will be appealing some these properties, as part of our Property Tax program for 2018.

If you would feel that there is a unique characteristic about your property not covered in the Bylaw, and would like professional assistance with regards to appealing your property in regards to the the Empty Homes Tax, please contact us at 604-608-6161 by January 25, 2018.

Increasing  Information for Clients

This year, in response to increasing demand for data, Bramwell & Assopciates will be bringing a Markets Overview page on our website.   

"Do You Guys Do This...?" 

 We are always being asked "Do you guys do this...?"  Here are some Recent Assignments since the last newsletter. 

Several Office, Retail and Industrial Strata
Strata WInd-Up Consulting
Land Assmbly Consulting
Litigation Support
Assessment Appeals
Several Small Industrial and Retail Buildings

 

Our Commercial Strata Program

Bramwell & Associates publishes the Commercial Strata Benchmark Report every month, a rolling 3 month benchmark of sales volume and average price for commercial office, retail and industrial units, broken into new and resales, in 8 separate areas in the Lower Mainland.  

Click Here for the most Current Commercial Strata Benchmark Report

 This is all part of our Commercial Strata Continuum of Service

 Continuum of Services graphic-smaller

 

Appraisals * Litigation Support * Property Tax * Pre-Acquisition Consulting

1000-355 Burrard Street, Vancouver, BC V6C 2G8

Tel: 604-608-6161   Fax: 604-669-6968   Global Toll Free: 1-855-787-2828

Web:VancouverAppraisal.com

 
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