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Jimn's avatar

Another point about property assessments. A friend who lives in a lower Vancouver Island municipality was told by a recently elected municipal councillor that their council is concerned about the 'black box' of how assessments are derived. Is it just BC Assessment who determine this and/or is the real estate industry (gasp!) involved?

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KE's avatar

We just received our property assessment. Curious if anyone has estimated the increased tax revenues the province has taken with their massive unilateral assessment increases over the past 2 years - when applied to the complete real estate picture. This has to be a MASSIVE number.

We have watched our assessed value go from 1.2M in 2021 to 1.6M in 2022 and now 1.8M in 2023 and I can guarantee you we would not be able to sell our home for the assessed value. Is the tax calculation being adjusted to soften the tax blow or still the same equation from 2021? As a new retiree, this indiscriminate taxation is causing me to seriously consider leaving the country because I have no mechanism to keep up with the level of taxation. We considered downsizing and moving into our basement suite and renting the main floor but my accountant advised that we would lose principle residence if we did this.

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