It wasn’t long after the NOW published our story on Burnaby property assessments skyrocketing that I started receiving complaints from local homeowners.
The messages said, basically, that since their homes were now more valuable, they would be unfairly paying more in property taxes.
“Some long-time homeowners are being priced out of the city,” one house owner complained.
Look, I get that nobody enjoys paying property taxes, but they are a responsibility of being a homeowner and those costs are expected to rise to pay for valuable services. What rubs me the wrong way is how clueless this complaint is.
The value of homes in Burnaby continues to skyrocket, meaning that homeowners - including myself - are reaping hundreds of thousands of dollars in equity over the years simply for owning residential property in Metro Vancouver. You literally don't have to put a cent into your home and its value will still grow at a rate that other Canadians can only dream about.
I need more homeowners to acknowledge this windfall before crying poverty because their property tax bill might go up.
BC Assessment numbers show the value of a single-detached house in Burnaby jumped to an average of $1,725,000, a 19% increase from 2020’s $1,449,000. For strata-type homes, such as townhouses and condos, the increase was 10% to $646,000.
“These folks have hit the equity lottery and all they can talk about is having to pay a few extra bucks in property taxes,” wrote another reader. “Like give your head a shake.”
And it doesn’t automatically mean you will pay much more in property taxes.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," said BC Assessment deputy assessor Bryan Murao, in a statement. "As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."
Homeowner counter that they only reap the benefit if they sell their home. Well, that’s true, but reap you shall one day. Your home is an investment and that investment will pay off handsomely. The hundreds of thousands you reap in equity far, far, far exceeds any property tax increases.
The problem with the complaint is how insulting it is to people who can’t afford real estate. Renters in Burnaby pay some of the country’s highest amounts each month and those numbers continue to grow. Please put yourself in those people’s shoes.
For what it’s worth, the City of Burnaby has broken down the upcoming costs to taxpayers. The 2022-2026 financial plan includes a 2.95% or a $54 property tax increase for a residential property assessed at $1,227,084, said the city. As well, the plan includes a 2.0% increase for waterworks utility and 2% increase for the sanitary sewer fund.
Are those numbers really pricing homeowners out of the city?
If you don’t like your assessment, property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2021 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Murao.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” adds Murao.
Follow Chris Campbell on Twitter @shinebox44.
