Purchasing a property in West Vancouver is a big decision for a lot of people. Especially if the property is worth a lot of money. It can be difficult to understand how to go about the transaction, but it’s important to get the details right. Whether you’re buying or selling, the tax sale process is a complex procedure that requires lots of research.
Assessed by British Columbia (BC) Assessment
During the past several years, British Columbia has seen rapid growth in new construction. This has led to an increase in the value of residential properties across the province. The BC Assessment has been working to keep service levels at a high level as housing units continue to grow. There are approximately two million assessments made annually by the BC Assessment. This amount is used to calculate billions of dollars in property tax revenue each year.
The BC Assessment is an independent provincial crown corporation responsible for the development of uniform real property assessments across the province. The assessments are used by the province’s local taxing authorities to determine the distribution of property taxes among property owners. As of July 1 each year, the assessed values of most properties are calculated. However, this does not automatically translate into an increase in property taxes. There are also several factors that affect the value of a property. These include location, the condition of buildings, the number of carports, the shape and quality of the land, and the availability of services.
The assessment notices are mailed to all property owners in the province. The BC Assessment has a large database of all properties in the province. The database is updated throughout the year and includes information gathered during appraisal inspections. The company uses this information to produce an up-to-date and accurate assessment.
The BC Assessment is a trusted source of property assessment information. The company maintains an extensive database of 1.95 million properties in the province. The property database contains information on each individual assessment as well as the market value of all properties. The information is provided to various local governments, tax jurisdictions, and the private sector. The information is also available online.
The BC Assessment works to make sure all properties are valued fairly and accurately. The organization employs a team of professional appraisers that analyze timely sales transactions, assess the condition of properties, and consider many other physical characteristics of a property. The organization has also implemented technology that will improve the accuracy of its property data. Using Esri Canada‘s 3D GIS modelling technology, the assessment process will be more efficient.
The BC Assessment has 650 full-time employees in seventeen offices throughout the province. Its head office is located in Victoria. It has an annual budget of approximately $77 million. The organization is an internationally recognized leader in property assessment. It is also the first property assessment organization in the world to pilot Esri Canada’s 3D GIS modeling technology.
The BC Assessment website provides information on how the property assessment process works. It also includes lists of the top valued residential properties in the province. The BC Assessment’s website also offers a contact form.
Unpaid taxes
Several years ago, a local couple from West Vancouver owed property taxes. They had assessed $69,000 in a “speculation” tax and had a lien placed against their home. It was also assessed for a “vacancy” tax and a “empty homes” tax. But they never made any of the required declarations to avoid these taxes.
Mike Bazilli tracked down the provincial tax assessors and managed to get his wife’s tax bill corrected. She was billed at the highest possible tax rate. She was also assumed to be a foreigner and her tax forms sent to her old address. However, the Ontario province said it was impossible to correct mistakes older than three years. So, the government rushed to speed up the solution.
A similar situation took place in the Denver area. A 2,600 square foot duplex on a full-sized lot in Knight Street was put up for sale at a tax sale. It has a starting price of about 0.5% of its assessed value. The most valuable part of the property is a $3.9 million condominium. But it’s not the most expensive item up for sale.
A tax sale is a public auction of delinquent properties. The buyer is given the option of redeeming the property or paying the city a “upset price,” which includes the delinquent taxes, penalties and interest. The upset price is a mathematical function of the current year’s taxes, penalties and interest.
A recent tax sale in Vancouver had more than a few winners. A 2,600 square foot duplex on Knight Street and an empty lot at 5469 Dunbar Street were two of the more valuable items up for grabs. But, the best part was that the sale looked as though it would go through. But, as is the case with most property tax sales, the original owner pays up. In fact, the cheapest house at the tax sale is a $700 discount off its full assessment value.
Another interesting tidbit is that there are more than 100 properties offered for sale each year as property tax sales. Most are residential. The least valuable is a 2,000 square foot apartment in East Vancouver. In order to pay off the tax bill, the owner of the home was forced to sell for $1 million less than its assessed value.
As of today, there are still more than a few unpaid property taxes in West Vancouver. It’s not hard to imagine that more will be sold at the tax sale in 2021. The maximum gathering requirements will be in effect for the 2021 sale, as will masks in all public indoor spaces. A few days before the tax sale, the city will publish an advertisement in the newspaper announcing the sale. The ad should contain a civic address and the legal description of the property. It should also mention the property’s major identifiers, including its municipal and strata corporation, if applicable.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.