In December, BC Assessment began to issue notification letters to property owners whose assessments will be changing significantly more than the average. If you have received a notification informing you of a change, you should be engaging appropriate experts to assist you in managing your property assessment.
Some of the more significant changes to be imposed by BC Assessment, are expected to be in the Industrial and Commercial Classes(Self Storage Assets reside in both). Some of the projected changes are as follows:
Vancouver / Burnaby: -15% to +25%
Richmond / Delta: 0% to +30%
Surrey / Langley: 0% to +30% Abbotsford / Chilliwack: +5% to +35%
Greater Victoria Area: +5% to +25%
Central & North Vancouver Island: +5% to +25%
Okanagan: 0% to +30%
Kamloops: 0% to +20%
Prince George: +15% to +30%
Terrace: +5% to +30%
While the above list is not comprehensive, and still subject to change, itservesto highlight the importance and complexity of managing Property Assessments, and the need to pay attention to rapidly escalating Assessed Values that impact our industry and other business across the Province of British Columbia.
To be successful as an industry it is critical that we are unified in our approach to managing both the method of assessing our properties, and the level of increases in the value of our properties. In addition, it is also important to pay attention to potential shifts in the Municipal Tax burdens from the Commercial Class to the Industrial Class, and the potential impact that could have on our collective ability to be successful and contributing members of the various communities within which we serve.
Should you have any questions or concerns about your 2020 Property Assessments, please do not hesitate to contact the CSSA.
Sincerely,
Iqbal Khan, CA-CPA, MAcc Alim Yhap
Chairman of CSSA Property Tax Committee Property Taxation, StorageVault
T: 416.845.3020 T: 437.231.7293
E: ik@storagevaultcanada.com E: ayhap@storagevaultcanada.com
**Note: Final assessment increases will be determined in early 2020, and shortly thereafter, municipal budgets will be approved by council**
