2009 Assessment Roll

In light of recent global economic events, the provincial government has taken steps to provide new stability for homeowners concerned about fluctuating property values.

For the 2009 Property Assessment Roll only, BC Assessment will be providing property owners with the market value of properties as of both July 1, 2007 and July 1, 2008. The lower of these two values will become the 2009 assessed value for most properties.

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Frequently Asked Questions

Why is the B.C. government doing this?

The B.C. government is taking additional steps to give property owners certainty and confidence in the property assessment system in response to the rapid downturn in the real estate market. This measure will allow markets to stabilize and assessments to reflect proper market values. This action builds on government’s steps to improve the province’s competitiveness in the wake of the global economic slowdown.

Why adjust the assessment roll?

The Assessment Act requires 2009 property assessments to reflect market value as of July 1, 2008. As July 1, 2008 was near the peak of B.C.’s real estate market, using this valuation date would mean that 2009 assessed values for most properties would increase from their 2008 assessment.

Through these measures, the 2009 values for property will produce a more accurate, fair and stable outcome for property owners during this highly volatile period for property valuations.

How long will this adjustment last?

The proposed adjustment is for the 2009 Assessment Roll (2009 property tax year) only.

What types of properties are affected?

These changes will apply to all land and improvements regardless of property class, whether the property is valued by market value or subject to regulated rates. There are approximately 1.85 million properties in nine different classes.

Can property owners choose which valuation date will apply to the 2009 taxation year?

No, these changes will require BC Assessment to automatically apply the lesser of the property’s market value on either July 1, 2007 or July 1, 2008 for the 2009 taxation year. In most cases this will be the July 1, 2007 market value.

However, it is important to note that the value of the property will be based on its condition and use at Oct. 31, 2008. So if either of those changed between 2007 and 2008, the effect of the change will be reflected in the property’s 2009 assessed value.

Will assessment notices be sent to everyone on the new assessment roll?

Yes, a new assessment notice will be issued to each person named in the assessment roll in early January 2009.

Can I appeal a property assessment in 2009?

The right to appeal is unchanged, and continues to be available to any person who believes there is an error or omission in the roll. For example, a person can appeal a property’s classification or entitlement to an exemption, or that the assessed value does not reflect its value as of the valuation date used for the assessment.

Complaints will still be heard by Property Assessment Review Panels and appeals will be heard by the Property Assessment Appeal Board. For more information, visit: www.cd.gov.bc.ca/parp.

Will the adjustment to the assessment system mean my 2009 assessment will be identical to my 2008 assessment?

The majority of property owners can expect to receive an identical assessment to last year’s.

However, some property owners’ assessments will differ even if their property is valued using a July 1, 2007 valuation date (i.e. the valuation date used to prepare the assessment roll for the 2008 tax year). This is because a property’s permitted use and physical condition will be reflected as of Oct. 31, 2008.

For example, if property formerly used for residential purposes qualifies as farm land during 2008, triggering a change in property class, the value applicable to farm land as at July 1, 2007 will be applied. 

The 2009 assessed value of a property will also likely be different from its 2008 value if there has been a change in the physical condition of the property, for example due to new construction or significant damage through fire. Changes in ownership or eligibility for a tax exemption will also be reflected on 2009 assessment notices.

There may also be a change between the 2008 and 2009 assessment rolls if a property’s assessment has been affected by an assessment appeal decision which occurred during 2008 or if an error or omission was discovered and corrected during 2008.

Can you tell me what the average increase in market value was for residential properties between 2007 and 2008?

  • The median sale price for single family properties from April 2007 to July 2008 rose provincially by an average of $40,000 or 9.5 per cent.
  • The median sale price for single family properties from July 2008 through October 2008 fell by an average of $70,000 or 15 per cent.
  • The median sale price for residential strata properties from April 2007 to July 2008 rose provincially by an average of $25,000 or 8 per cent.
  • The median sale price for residential strata properties from July 2008 through October 2008 fell provincially by an average of $16,000 or 5 per cent.
  • There are about 1 million single family residences and about 400,000 strata residences in B.C.

How will the adjustment to the assessment system impact property tax rates?

The assessment of property is only part of the taxation process and the overall property tax levels for the year will depend on the tax rate applied by each taxing authority. Taxing authorities in British Columbia, including the provincial government, municipalities and regional districts, are responsible for setting property tax rates based on their budget requirements.

What will happen to properties in Class 1, Residential; Class 5, Light Industry; Class 6, Business and Other; and, Class 8, Recreational Property / Non-profit Organization?

For the 2009 taxation year, the assessed values for these properties will be determined by using the lesser of either a July 1, 2007, or July 1, 2008 market value. Any changes in permitted use or physical condition of the property which occur up to Oct. 31, 2008 will be reflected on the 2009 assessment roll regardless of the valuation date used for the property assessment. The major exception is where a property was substantially damaged or destroyed late in 2008. In that case the assessed value will reflect the physical condition of the property as of Dec. 31, 2008.

What will happen to properties in Class 2, Utilities?

Most properties in Class 2 are valued by way of valuation rates set by the BC Assessment Board of Directors. The rates that were in effect for the 2008 assessment roll will be maintained for the 2009 assessment roll. 

What will happen to properties in Class 3, Supportive Housing?

Properties in this class, which is new for the 2009 assessment roll, will be valued at a nominal value ($1 for improvements and $1 for land) as required by regulation. The values of these properties will not be affected by the proposed changes to the assessment system for the 2009 tax year.

What will happen to properties in Class 4, Major Industry?

These properties are valued using two methods. The land used for major industrial plants is valued at its market value. That land will be valued at the lesser of the actual values calculated using either a July 1, 2007, or July 1, 2008 valuation date. The plant structure is valued using regulated manuals which establish values for each component of the plant. Normally, the values set out in those manuals are updated annually to reflect inflation and associated increases in the costs of carrying on major industrial businesses. There will be no update factors applied. This means the values set out in those manuals will remain the same for the 2009 assessment roll as they were for 2008.

Special rules apply to the assessment of major industrial plants located on port authority lands and which are used to export goods and products. The land used for those plants is valued at amounts set by regulation. The regulated values for those lands will be set at their 2008 levels. The only new values in the port lands regulation will be for lands that are being newly designated for the 2009 assessment roll. The values of those lands will be regulated at the values that would have applied to them, had they been regulated for purposes of the 2008 assessment roll.

What will happen to properties in Class 7, Managed Forest Land?

Class 7 applies only to land. Land in this class is valued using a combination of two rates, one for the bare land value and one for the value of cut timber taken off the land.  These rates are set by the BC Assessment Board of Directors. The rates that were in place for 2008 will remain in effect for the 2009 assessment roll.

What will happen to properties in Class 9, Farm Land?

Land classified as farm land is valued using regulated rates which are based on the value of these lands as farm land and not for any other purpose. The rates used to value farm land are set by BC Assessment’s Board of Directors. The rates that were in place for 2008 will remain in effect for the 2009 assessment roll.

What will happen to strata accommodation properties and leasehold accommodation properties (Class 1/6 split)?

Strata accommodation properties will be valued based on the lesser of the actual values calculated using either a July 1, 2007, or July 1, 2008 valuation date. However, distribution of that value between Classes 1 and 6 will be based on the usage of each property as reported by the owner for the period beginning July 1, 2007 and ending June 30, 2008.

What will happen to ski hill properties valued by regulation?

There are 17 designated ski hill properties that have regulated values. Those values will be maintained at their 2008 levels.

Will annual depreciation adjustments be implemented for 2009?

If a July 1, 2007 valuation date is used, the 2009 assessments will generally reflect the depreciation levels that existed on the 2008 assessment rolls. No adjustment for depreciation will be applied to reflect the extra year each building has aged between 2007 and 2008.

If a July 1, 2008 valuation date is used, depreciation will apply as it normally would under the Assessment Act.