WHEREAS there have been huge increases in assessments in 2007 and, more specifically, full-time residential and recreational properties adjacent to lakes have seen inordinately high increases: THEREFORE BE IT RESOLVED that the Union of BC Municipalities petition the provincial government to undertake a review of the matter and find a solution to balance out these assessment anomalies.
MINISTRY OF SMALL BUSINESS AND REVENUE Property values throughout most of British Columbia have been increasing over the past few years. This is in response in part, to the strong economy and the growing international interest in the province. Recreational properties, and waterfront properties particularly, have seen the largest increases due to a very strong demand for such properties. The Assessment Act requires BC Assessment to reflect the increased actual or market values in preparing annual assessment rolls. The provincial government recognizes that the large increases in the value of waterfront properties has resulted in higher property taxes that are a hardship for some long term property owners. The Homeowners Grant and Property Tax Deferral programs partly address these impacts. The Community Charter provides authority to municipalities to average assessments over three years under certain circumstances. The City of Vancouver is the only municipality that currently averages assessments. Extending the same authority to regional districts would require legislative amendments. The Minister has requested UBCMs views on implementing mandatory assessment averaging for municipalities and regional districts. If UBCM supports mandatory averaging, the Ministry of Small Business and Revenue will consult with the Ministries of Community Services and Finance, and the UBCM to explore options for implementation.