BC Assessment recently sent out its 2024 property assessments to all housing co-operatives. Obligations to pay property taxes are tied to these assessments. If you disagree with your co-op’s the assessment, you can contest it by filing an appeal before January 31, 2024.
Points to Remember
As usual, CHF BC would note a few key points:
- 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. We can note that Ryan (previously AEC Property Tax Consultants) worked with a number of housing co-ops. Add-Vance Consulting Ltd. (Vance Leschuk, 778-789-5037) currently offers discounted rates and complimentary reviews for any non-profit/social housing organizations including housing co-operatives.
Arguing Against an Assessment
There are three common avenues to appeal your assessment, beyond notifying BC Assessment of simple clerical mistakes:
- 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.
- 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.
- Sometimes BC Assessment just gets it wrong. 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. The full list of key dates is available on the BC Assessment website. 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, 2024.
(Dall-E, a generative AI imaging tool, created the image accompanying this posting.)