2024 Property Assessment Presentation Summary

In appreciation of the help we’ve received from agents, I offered a webinar on “What you and your clients need to know about 2024 Property Assessment.” The topics covered were:

• Taxes and how they are determined
• The assessment process, important dates, reasons for incorrect assessment and misconceptions about the process.
• PR opportunities for brokers; advice for landlords and tenants
• Why landlords should challenge their assessments

The highlights were:

Taxes on development land: There are several taxes that may be charged depending on the actions of the developer: Additional School Tax (AST), Speculation Tax, and the Empty Homes Tax. Any site in the development process with residential class should challenge the AST.

Dates:? July 1st: Valuation date

??????????? Oct 31st: State and condition of the property for valuation purposes

??????????? Nov 30th: Ownership or legal description are taken into account

??????????? Jan 31st: Appeal deadline

Incorrect assessments can occur as BCA do “mass” appraisal. BCA may not be aware of particular features of a property. An owner should check components in the BCA valuation such as sizes, usable land, contamination, allowed density, rents, cap rates, classification, restrictive covenants, and easements. The property must be equitably assessed with its neighbours.

Misconceptions – The following are not correct:

• An increase in assessment will always result in an increase in tax
• Higher % increase than neighbours means the property is over-assessed
• Assessment is current market value.
• No increase, or decrease means the assessment is correct.

Opportunities for brokers would include reminding clients of the Jan 31st deadline, where assessments can be found, or reasons why they should be concerned about their assessed value. Lower assessments would make your leasing easier.

If current listings or potential sale prices are below assessment, the property should be appealed. Anyone can appeal, including large tenants. There are many reasons why the landlord should review their assessments.

Please go to our website www.austinrealestateconsultants.ca for articles on various topics. If you or your clients have questions, call Peter at 604-733-3282.