Staff Report: 94 Talcott Road Assessment

TOWN OF VIEW ROYAL COUNCIL REPORT

TO: Council
DATE: April 17, 2018
FROM: D. Christenson, Director of Finance
MEETING DATE: April 17, 2018

94 Talcott Road Assessment

RECOMMENDATION:

THAT the Town of View Royal appeal the property assessment of 94 Talcott Road.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

PURPOSE OF REPORT:

To provide information regarding the assessment status of the property located at 94 Talcott Road and Council’s opportunity to appeal that status with BC Assessment.

BACKGROUND DISCUSSION:

The Revised Assessment Roll provided by BC Assessment on March 29, 2018 includes a net taxable value in Class 01 Residential of $15,038,000 for the property located at 94 Talcott Road owned by BC Housing. The assessment also includes a $1,183,000 exemption. At this time the basis for the exemption is not clear nor can we confirm that a grant-in-lieu of taxes will be received related to this component of the assessment.

Historically, this property was exempted from taxation. Since it was classified as a Class 06 Business/Other property, the grant in lieu of taxes (GILT) from BC Housing was calculated at an amount equivalent to the property taxes that would be assessed any other property in this class. For 2017, the GILT was $152,400.

Appendix A (attached) details the assessment status and estimated taxation for this property.

Appendix B (attached) is an email from the Deputy Assessor, Vancouver Island Region, dated March 6, 2018 explaining the change in assessment status from 2017 to 2018.

Council may appeal the assessment status of this property prior to April 30, 2018.

RECOMMENDATION:

THAT the Town of View Royal appeal the property assessment of 94 Talcott Road.

SUBMITTED BY:

D. Christenson, Director of Finance

REVIEWED BY:

K. Anema, Chief Administrative Officer