Karen has just been surfing the internet and was interested in our new assessment for this house, and at the same time, could not help but look at the values for our old house in Gibsons. It seems that the TV news is flooded at the moment with how much Vancouver house prices have rocketed in the last year or so, the ridiculous price of gas and the potential increase in the price of bananas.
The old house in Gibsons has increased, according to the new BC Assessment, by 29% and most of that is the property has been acknowledged by the land office to be a two storey house with a finished basement. Karen had always warned me that at some point the house could be reclassified and we believe it was the selling process that triggered the new assessed value.
That does mean that the new owners will see a 29% increase in their property taxes in 2017 plus whatever the Town of Gibsons will raise the mill rate by, probably another 3% or so.
Ouch!.
The new house, well, it is the same configuration as it has always been, and the value assessment has risen by around 7%, which is less than we were expecting actually, so no complaints there. I think we should expect our house taxes to increase by about 5% because of the revised assessment and the effect of new Sooke mill rates.
Taxes always go up...
It was perhaps timing and luck, but more likely a bit of cause and effect because of our move.
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