Vancouver Tax Assessments
Vancouver home owners recently received their tax assessments. How did yours look? In Vancouver it is common to have assessments which lag behind by 25% of what would be the current market value. Assessments are the estimate of a property’s market value as of July 1, 2007. This common valuation date ensures that all properties are assessed fairly and there is an equitable base for property taxation.
“Most homes on this year’s assessment roll are worth more than they were on the 2007 assessment roll, and market movement is strong again this year” said Area Assessor Jason Grant. “For example, increases of 10 to 20 percent for single family homes and condominiums are very common.”
Overall, the City of Vancouver’s assessment roll increased from $156 billion last year to $182 billion this year. This growth reflects changing market values for many properties but also includes approximately $3.6 billion of subdivisions, rezoning and new construction.
A home market evalutation is often the best way to obtain the actual current market value of your property. It usually requires contacting a Realtor and asking for a CMA report on your home for the purposes of an accurate market figure.
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