New property assessments are showing little change for homes in the District of North Vancouver.
A static North Shore
There was a two per cent increase in single-family home assessments in the DNV resulting in a median value of about $2,124,000. This is a jump when comparing assessments to those in the City of North Vancouver which only saw an increase of only 0.1 percent – about $2000 bringing the median values up to $1,990,000.
North Shore strata properties saw similar increases. DNV stratas rose an average of one percent while the City’s stratas rose an inconsequential 0.3 percent. The median price in the DNV was $940,000 and $839,000 in the City.
BC Assessment determines property values based on the value of market sales as of July 1st of the preceding year. The assessments are used by the DNV to allot each parcel’s tax responsibilities. BC Assessment provides accurate property and value information to: tax authorities, property owners, municipal, provincial and federal government agencies, realtors, appraisers, lawyers, bankers, title search companies, and other private and public agencies.
Why it matters
Your assessment is not the market value of your home. Land and house values can shift for various reasons, often influenced by changes in zoning, environmental factors, market demand, and neighbourhood dynamics. It may have increased or decreased since July 1st. North Vancouver had a flurry of activity in the latter half of the year when considered with lower interest rates, you should speak to Jim, Kelly, Mel at 778-724-0112 or another real estate professional. You may want to consider the accuracy of your assessment if you are planning to sell your home or if your increase was significantly higher than the average or think it’s too high and will result in an unfair tax burden. Appeals can be made until January 31.
It can be an intimidating task to appeal your assessment and LynnValleLife can help support your effort. You will need to gather comparable sales data. There is also a possibility – albeit rare – that your assessment appeal results in a higher assessment.
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