Back to list

BC ASSESSMENT AND BC HOUSING AGREEMENT

Posted on Tuesday, Sep 04, 2018

In response to several non-profit housing agencies facing much higher than anticipated increases in property taxes for 2018, BC Assessment and BC Housing have reached an agreement on a new valuation method. This valuation method covers non-profit housing with affordable housing restrictions (a lease or covenant) on title.

The new standard method of valuation will result in a 70% reduction from the market value based on an income approach. For unique properties where income approach is not appropriate, there will be a 25% reduction in value from unencumbered value based on a direct comparison approach.

BC Assessment will be making these changes to all qualifying properties, whether or not an appeal to the higher rate of tax for 2018 was filed.

Array

Get Bulletins via email:

Enter your email address: