It’s that time of year again. BC Assessment has sent out its usual paperwork, and your co-op will have a new assessed valuation of its property and buildings. If you disagree with the assessment, your co-op can file an appeal, but it’s a good idea to speak with BC Assessment staff first. You have until January 31, 2025, to file an appeal.

Due to the Canada Post strike there are  lingering delivery delays. If you have not received your assessment in the mail, you can access your assessment online.

We have developed some key points to consider when it comes to your property assessment. If you have additional questions, join our free webinar on January 27.

Key Considerations

• Increases in assessed value do not translate directly into property tax increases. If your property value increased more (or decreased less) than the average in your area you may see proportionally higher tax increases compared to other property owners. (Absolute amounts depends on how municipalities budget.)
• Homeowner grants may have an offsetting effect.
• Some co-ops choose to file appeals. They can do this on their own, some seek help from management companies, and others use firms that specialize in such matters. CHF BC doesn’t make recommendations for service providers. Previously, both Ryan (formerly AEC Property Tax Consultants) and Add-Vance Consulting Ltd. (Vance Leschuk, 778-789-5037) have worked with housing co-ops. They may be able to offer complimentary reviews. Check with them and others for any current offers or discounts.

Appealing an Assessment

There are three common avenues to appeal your assessment, beyond notifying BC Assessment of simple clerical mistakes:

1. Your buildings may be worth less than BC Assessment thinks. This is often due to needed building repairs and renewals. Making this argument is usually the easiest. Supporting engineering documents (e.g., building condition assessments showing necessary capital works) can assist in substantiating this overvaluation claim. On the other hand, if your co-op has undergone significant capital works in the last couple of years, you should anticipate relative increases in your assessed value.
2. Legal restrictions on the use of the land can also reduce assessments. Covenants on title may serve to lower the assessed value, as may other land use restrictions.
3. Sometimes BC Assessment makes a mistake. Comparisons with other similar, nearby properties are the best way forward in these cases. This takes some research.

The BC Assessment website has information you’ll find helpful. However your co-op decides to proceed, please remember the deadline for filing an appeal. If there is any chance you will want to dispute your property assessment, you should contact BC Assessment before the end of the month. The filing deadline is January 31, 2025.