SILGA 2016 What’s New at BC Assessment & 2016 Assessment Roll Highlights Michael Spatharakis Manager, Local Government Customers April 21, 2016

Topics Who we are & what we do Customer Division overview What’s new at BC Assessment - update on current initiatives: Standard building permit application e-valueBC enhancements Community Corner web forum Imagery cost-sharing 2016 Assessment Roll highlights April 21, 2016SILGA 20162

Who we are & what we do April 21, 2016SILGA 20163

History of BC Assessment Established in 1974 under the Assessment Authority Act in response to the need for a fair, independent organization that valued all property in the province A provincial Crown corporation, independent of taxing authorities April 21, 2016

SILGA 2016 Annual list of property values provides stable, predictable base for real property taxation in B.C. Identifies ownership, value, classification and exemptions for each property Represents over 1.99 million properties with total value of $1.34 trillion Provides the base for local governments and taxing authorities to raise approximately $7 billion annually in property taxes for schools and important local services Our product The Assessment Roll April 21, 2016

How we assess properties April 21, 2016SILGA 20166

April 21, 2016 How we value different properties Market value as of July 1 st Residential Commercial Market value is the most probable price which a property should bring in a competitive market under all conditions requisite to a fair sale, the buyer & seller, each acting prudently, knowledgeably & assuming the price is not affected by undue stimulus. Legislated (regulated values )

SILGA 2016April 21, 2016 Approaches to value Cost Approach Informed purchaser would pay no more for real property than the cost of producing a substitute with the same utility as the subject property Direct Comparison Approach Informed purchaser would pay no more for a property than the cost to them to acquire an existing property with the same utility Income Approach Converts anticipated benefits (i.e. rental income) to be derived from the ownership of property in a value estimate

SILGA 2016April 21, 2016 Old methods vs. new technology

SILGA 2016April 21, 2016 Desktop review

SILGA 2016April 21, D GIS modeling

SILGA 2016April 21, 2016 How we classify properties ClassTitle 1Residential 2Utilities 3Supportive housing 4Major industry 5Light industry 6Business other 7Managed forest land 8Recreational/non profit 9Farm land

SILGA 2016April 21, 2016 How we apply exemptions An exemption is a release from paying all or a portion of a tax assessed* Common exemptions are: Permissive Statutory *set by local taxing authorities

SILGA 2016April 21, 2016 Key dates December 31 Assessment rolls & totals produced, notices mailed January 31 Property Assessment Review Panel request for review deadline February 1 to March 15Property Assessment Review Panels April 30 Property Assessment Appeal Board request for review deadline July 1Valuation Date October 31Physical Condition November 30Land Titles December 31Liability for taxation

April 21, 2016SILGA Did you know? Over 87% of properties are classified with some residential value The top valued residential property is in the Kitsilano neighbourhood of Vancouver & is valued at $63,870,000 The top valued non-residential property was also in Vancouver valued at almost $5.1 billion There are 5 properties with actual values over $1 billion © ©

Customer Division overview April 21, 2016SILGA

Customer Division SILGA 2016April 6, 2016 Created Customer Division to provide a dedicated voice & clear accountability for customer groups Realigned assessment Regions from 10 to 6. Thompson Okanagan Offices: Kelowna Kamloops Management Team: Assessor Duane Bates Deputy Assessors: Katrina LeNoury Tracy Wall Graham Held

Local Government & First Nations Customer Department Provides a dedicated voice & clear accountability for Local Governments & First Nations Focused on continually improving our products, services, communications & collaboration with our customers Optimize our customer service by engaging you on an ongoing basis to understand your expectations regarding assessment & property info services SILGA 2016

Local Government & First Nations Department SILGA 2016 Vice President Customer Division – John Yannacopoulos Director Local Government & First Nations Customers Department – Gerhard Brosch Manager Local Government Customers - Michael Spatharakis Manager First Nations Customers– Deborah Francis April 21, 2016

What’s new at BCA? April 21, 2016SILGA

e-valueBC enhancements SILGA Data validation form – customers confirm validity of property info Recent searches - stores up to 5 recently searched properties My favourites – stores up to 10 properties as favourites Multi unit property search - allows selection of units within stratas Updates to FAQs April 21, 2016

Standard building permit report program Enables Local Governments to submit building permits electronically via our Data Delivery Website Benefits to Local Governments: Non-market change revenue added to community’s tax base sooner Fewer resources required to provided automated report to BCA, which shifts BCA effort from manual permit entry to roll quality initiatives Since June 9 th, 21 Local Governments have uploaded 12,700+ permits SILGA April 21, 2016

Imagery cost sharing SILGA Maintaining current aerial imagery is expensive; organizations looking for opportunities to reduce costs BCA exploring models for cost-sharing partnerships where business needs of each partner can benefit BCA contacted 40 Local Governments regarding planned image capture in 2016 within their jurisdictions These organizations were offered opportunity obtain imagery via proportionate cost sharing April 21, 2016

Community Corner web forum SILGA A web-based discussion forum Increased collaboration with Local Governments & First Nations Access secured via BCeID permitting greater opportunities for sharing of product samples & ideas while maintaining privacy April 21, 2016

Did you know? There are 155 dwellings with more than 10 bathrooms There is only one property owner in BC with no last name & it isn’t Cher, Sting or Bono… There is one property in the Okanagan with 898 owners The most common address number is 1200 (2,079 folios) The most common street name is “7TH” (7,154 folios) SILGA 2016April 21, 2016

2016 assessment roll highlights April 21, 2016SILGA

SILGA April 21, 2016

10 year assessment roll history 28April 21, 2016SILGA 2016

5 year assessment roll history 29 Municipality April 21, 2016SILGA 2016

5 year assessment roll history 30April 21, 2016SILGA 2016

Market trends for 2017 assessment roll April 21, 2016SILGA

Market trends for 2017 assessment roll SILGA April 21, 2016

Market trends for 2017 assessment roll SILGA April 21, 2016

Market trends for 2017 assessment roll SILGA April 21, 2016

Market trends for 2017 assessment roll SILGA April 21, 2016

Additional resources April 21, 2016SILGA Customer Services, including: e-valueBC (assessment comparison tool) e-valueBC