Property Assessment Review Question
Just trying to figure out if I'm out to lunch on my BC Asseessment complaint. I have a scheduled hearing on Wed, never done this before.
We bought a house on a culdesac in Sept last year for $585K. Previous assessment was $402K in 2016 - it has now jumped to $553K- 38% increase. The issue I have is my next door neighbour jumped 39%, but then the other 14 houses on the street only climbed from 15-20%. When I called to discuss I was asked "what did you pay for the house?". That's a fair question, but the issue is I paid what I paid because the market had gone up. I can't figure out why I'm being punished for that, and all my neighbours who didn't transact in the last year are not having to deal with the rising tide lifts all boats issue. I'm sure I'll be asked about comparable homes in the neighbourhood (other streets than mine), but my main (and really only argument) is that the whole street should be moving give or take in the same direction.
Worse, my neighbour on the other side sold in Nov (after assessment was done) - last year he was $334K, this year $401K, but he sold for $485K. So it's clear the entire street is moving in proportionally.
Hoping for some advice for my hearing or perhaps just someone telling me I'm out to lunch.
We bought a house on a culdesac in Sept last year for $585K. Previous assessment was $402K in 2016 - it has now jumped to $553K- 38% increase. The issue I have is my next door neighbour jumped 39%, but then the other 14 houses on the street only climbed from 15-20%. When I called to discuss I was asked "what did you pay for the house?". That's a fair question, but the issue is I paid what I paid because the market had gone up. I can't figure out why I'm being punished for that, and all my neighbours who didn't transact in the last year are not having to deal with the rising tide lifts all boats issue. I'm sure I'll be asked about comparable homes in the neighbourhood (other streets than mine), but my main (and really only argument) is that the whole street should be moving give or take in the same direction.
Worse, my neighbour on the other side sold in Nov (after assessment was done) - last year he was $334K, this year $401K, but he sold for $485K. So it's clear the entire street is moving in proportionally.
Hoping for some advice for my hearing or perhaps just someone telling me I'm out to lunch.