2022 Property Assessments

[killramos]

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500k? wtf. did you buy a home that hasn't been sold in 50 years?

Or it’s worth $5MM

[Xtrema]

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500k? wtf. did you buy a home that hasn't been sold in 50 years?

Or his house is worth $5M.

[killramos]

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Or his house is worth $5M.

[suntan]

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up 500k

You're gonna be paying for a new stadium.

[bjstare]

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Or it’s worth $5MM

Or he did a reno and the city had someone look at the permits, do a drive-by and "re-assess".

[Strider]

Pretty sure @prae is in the middle of a build based on the build threads... so probably bare land (or teardown) in July 2020 to a new structure in July 2021.
Been there, done that.

[Disoblige]

Does anyone know if the "Total Living Area Above Grade" sq-ft on your property tax is the same number as what realtors use? Or do realtors have to use a smaller number because their criteria is different?

I recall something changed a few years ago on the realtor side, so maybe that is why my sq-ft value on my property tax is higher?

I was just checking and it's off by like 200 sq ft. Wtf!

[XylathaneGTR]

Yeah, no jukin the stats with first year post-build numbers, man!
Anyways, for some context my neighbours place sold last month for about 200k ( ~12.5%) above this 2022 assessment value. Inner-city NW, detached on a 50ft lot.

Edit: Disoblige, I think there is a slight difference. When I listed my condo a few years ago there was a difference in sqft, realtor mentioned non-living space like closets, areas occupied by washer/dryer etc., isn't taken into account in their figures. But i'm just talking out of my ass so take that with a grain of salt.

[prae]

Not even done the build and already Jyoti's hitting me up. smh

[XylathaneGTR]

Not a jyoti thing brah. When I started my build in 2020, I had a tax assessment about halfway through the build (increased to about 50% of our build value), followed by another adjustment in 2021 after completion/possession. It's just the way she goes man.

[sxtasy]

45% increase for me in BC. I've heard a lot of BC saw that level of increase.

[killramos]

Jyoti tax hasn’t hit yet. City isn’t competent enough to pull that out of their asses that quickly.

[ianmcc]

Assessment up only 1.7%. Good or bad depending on your take.

[gpomp]

Went up $220k

[403ep3]

Up 11.6%

[BigShow]

Disoblige, noticed the same thing. Curious the answer here?

[Disoblige]

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Disoblige, noticed the same thing. Curious the answer here?

I have an appointment with a CoC assessment guy Monday who will call me.

[arcticcat522]

You should be given the option to sell to the city for the assessed value.....bought a condo in June for 180-ish and it is assessed at 205. I think I over paid at what I got it for.....total bs..

Also, would the city consider an appraisal completed by the mortgage company at the time of purchase as to why their assessment is incorrect? Don't think it's worth the hassle to appeal

[flipstah]

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Down 5%, condo

Room for one more on the down train?

[mr2mike]

Happy to see the burden isn't all on inner city (like every other year) from what I can tell.