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Victoria Real Estate – Property Assessments Might Be Frozen

Next month we will get our property assessments and I’m sure we all hope that they will be lower then the previuous assessment we got.  The real estate values has gone done somewhat in Victoria and one would think the government would reflect this, but no such luck. Not very likely that they will go down, however the Provincial government has said they will freeze the assessment for one year. A recent article by Carla Wilson with the Times Colonist looks at this in detail, it reads:

Expect ‘frozen’ property assessments next month. Legislation holds values for a year while red-hot real estate cools off

Assessment notices coming to British Columbia property owners in early January will look a little different this year to reflect the provincial government’s decision to freeze values for one year.

The province’s aim is to give B.C.’s housing markets time to cool off during a turbulent economic time. Victoria, Vancouver and Okanagan real estate markets boomed for several years but have started to trail off record highs.

“The vast majority of people are not going to see a change,” John Barry, B.C. Assessment spokesman, said in an interview yesterday.

Gordon Campbell’s government passed legislation last month that applies to this assessment year only. Most property owners will see no change from their previous notice.

In January, B.C. Assessment mails out 1.85 million notices showing the assessed value of a property as of the previous July. That means the 2008 notices reflected the value of a property on July 1, 2007.

Barry said the 2009 notices will show two assessed values — for July 2007 and July 2008. The lower amount will be the official assessment, he said.

About 94 per cent of property owners will receive an identical or lower assessment this year than last, BC Assessment said. Of that, 82 per cent of properties will have the same assessment, 12 per cent will be lower, and the rest applies to less common property classes.

New properties which did not exist for a July 2007 valuation, will be assessed with a July 2008 valuation, Barry said. This situation would apply to new housing units, such as single-family houses and condominiums.

Also, changes in zoning or in the condition of a property, such as a major renovation carried out up to Oct. 31, 2008, will be reflected in the 2009 notice, B.C. Assessment said.

The provincial agency is anticipating many calls from the public with questions about their notices, Barry said, and staff for the provincial agency will be available to speak with property owners.

New features have been added to the assessment website. PIN numbers on notices will allow property owners to search deeper for information on up to eight properties, giving data to help explain assessed values.

Anyone wishing to appeal their assessment has until Feb. 2 to make the request. www.bcassessment.bc.ca end of article.

Carla Wilson can be reached at cjwilson@tc.canwest.com

For Victoria real estate information, just contact Bill or Dave at Properties In Victoria Professional™ team. You can consult their two websites www.PropertiesInVictoria.com or www.PrestigiousPropertiesInVictoria.com or just email Bill and Dave .

Cheers, Bill

Properties in Victoria Professionals- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

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