How to avoid letting Bills 44 & 47 increase your property taxes

Last year the province approved Bill 44 which permits 4 or 6 homes on most single-family lots without a need for rezonings and public hearings. It also approved Bill 47 allowing higher densities near transit stations and bus loops. At the time, many questioned whether these Bills would increase property assessments and taxes.

Bill 44-Multiplexes. Government officials responded that since Bill 44 was so widespread, it was unlikely to have a significant impact on property values. I agree. However, I also expect some single-family lots, especially larger lots located in areas where multiplex developments might be popular, and where there have been recent sales at higher values, will go up in their assessed value. As a result, property taxes will increase.

Bill 47-Transit Oriented Development. Similarly, many single-family properties near transit stations will likely increase in value. This will likely be evident on your 2025 Assessment Notice, especially if there have been nearby sales of single-family zoned lots at higher values. A good example is along the Broadway and Cambie Corridors. 

While this may be good news for certain owners, it will not be good news for those who have lived in their homes for many years and have no intention of selling to a developer or homebuilder. For them, increased assessments will simply lead to an increased property assessment and higher property taxes.

Fortunately qualifying owners of these properties can do something to avoid higher property taxes. They can make an application under Section 19(8) of the BC Assessment Act before November 30th.   

This section of the act applies to residential properties that have been owned and occupied continuously for 10 years by the present owner. Instead of being assessed higher, they can be valued on the basis of their present single-family residential use, even though they may have a higher alternative use and greater value. 

Examples would be single-family dwellings on land that can be subdivided into smaller parcels or developed with multiplexes or multi-family/apartment or commercial use. 

To illustrate how this works, look at these two identical side-by-side properties on Cambie Street.

If you look carefully at the bottom of the 5407 Cambie assessment you'll see this note.

Assessed Value only reflects actual not potential use. Assessment Act. s 19(8)

If single-family houses near your home have been selling at higher prices due to Bills 44 & 47 or other Official Community Plan or zoning changes, you should check this out.

Eligible owners must apply annually by November 30th. All applications should be submitted by this date.​

NOTE: You will not know for certain whether you assessment has gone up until January 2025 when the new assessments come out. If you miss the November deadline, you can make application up until March 15 of the following year. However, if you can make the application this year, it will be easier to ensure that your assessment does not increase due to the zoning changes. 

A common question is whether property owners who take advantage of this provision will have to pay back the taxes they saved if and when they sell at  a higher price. The answer is NO.

You can find more details and the application form here: https://info.bcassessment.ca/Services-products/property-classes-and-exemptions/section-19-8-of-assessment-act-special-assessments-for-certain-long-term-residents