Owners of single-family houses in Squamish will face a hike of up to 50 per cent on their B.C. Assessments at the same time that the real estate market could be cooling down.
And letters are being mailed out to property owners whose assessments are increasing significantly more than average in the district. Around five per cent of properties provincewide will receive the letters, but 10 per cent of Squamish homeowners will find them in their mailboxes – the highest percentage out of any community in B.C.
“With Squamish, it was overlooked for so long and recently it’s really caught up,” Jason Upton, an appraiser with Aedis Appraisals, told The Squamish Chief. Upton chairs a review panel that hears complaints about the yearly assessment.
“People are realizing it’s a beautiful location, close to Vancouver and a family-friendly community, so you’re seeing prices go up,” Upton said.
Assessments will be mailed out early next month and posted online on Jan. 3.
Increases of 30 to 50 per cent will be typical for single-family houses in Squamish, as well as in Vancouver, the North Shore, Burnaby, Tri-Cities, Richmond and Surrey.
Condo and townhouse stratas in Squamish will face increases of between 15 to 30 per cent.
Assessed values are made on July 1 of each year and take into account the neighbourhood, property size, age, condition and view.
But receiving a courtesy letter, which are mailed out to homeowners whose assessed value are at least 15 per cent higher than the average in Squamish, doesn’t necessarily mean an increase in property taxes, said Christine Mathews, manager of financial planning for the district.
“It’s too early right now to determine what property taxes will be,” she said. Rates are announced in the spring.
News that owners of single-family houses will face hikes of up to 50 per cent on their assessments comes as the local housing market could be cooling.
In October, there were 33 sales in Squamish compared to 68 in October 2015, according to the Real Estate Board of Greater Vancouver. A total of 569 properties sold from January to September 2016, compared to 572 during the same time period last year.
Although sales are down, selling prices continue to increase.
As of November, the benchmark price for a detached house is $792,100, up 27 per cent from last year.
Townhouses are typically $628,000 and apartment units are $361,200, up 30 per cent and 23 per cent since last year respectively. Even this month, prices are up an average of two per cent since last month.
Assessors don’t go out as much as they used to, said Upton. Instead, they are relying on Google and other data much more to assess houses.
“There could be an error on the assessment. Say, for instance, you finished the basement suit and the assessor didn’t realize that,” he said.
If a homeowner doesn’t agree with their assessment, he suggests contacting B.C. Assessment to explain the situation.
