In response to several non-profit housing agencies facing much higher than anticipated increases in property taxes for 2018, BC Assessment and BC Housing have reached an agreement on a new valuation method. This valuation method covers non-profit housing with affordable housing restrictions (a lease or covenant) on title.
The new standard method of valuation will result in a 70% reduction from the market value based on an income approach. For unique properties where income approach is not appropriate, there will be a 25% reduction in value from unencumbered value based on a direct comparison approach.
BC Assessment will be making these changes to all qualifying properties, whether or not an appeal to the higher rate of tax for 2018 was filed.