B.C. detached home values expected to drop as much as 15% in property assessment
Preliminary estimates show property values dropping compared to last year — except in province's north
Single-family home values are expected to drop across most areas the province next year, according to B.C. Assessment.
With three weeks before property assessments are sent to homeowners, preliminary numbers show detached home values dropping between five and 15 per cent compared to last year.
Assessments are calculated by looking at the sales of similar properties around July 1 every year.
Other factors that affect market value include property characteristics, land size and location, said Tina Ireland with B.C. Assessment.
Condos and townhouse values are expected to remain the same, with some areas around the Lower Mainland, Vancouver Island and the Okanagan seeing a slight drop in value.
Commercial properties are continuing to trend upwards in most parts of B.C., except in the Lower Mainland where they have stabilized since last year.
Northern B.C., on the other hand, is projected to see increases in property values of up to 20 per cent for detached homes and up to 30 per cent for commercial properties.
But whether or not a decrease in your home value will result in a drop in property taxes will depend on your neighbours.
"You would only see a drop in your property taxes if your assessment changed or dropped more than your neighbour's," Ireland said.
"If your assessment went down 10 per cent, while for everyone else in your taxing jurisdiction the typical change was zero, then you might see a drop," she said.
Property assessments will be released on Jan. 2, 2020.
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