Extreme Weather Events: Impact on the Assessment Roll
W
e understand that 2021 has been a difficult year for British Columbians affected by recent weather events (e.g. flooding, landslides and wildfires), and you may have questions or concerns about the impact on your community’s 2022 Assessment Roll. The following is an overview of the legislative framework that BC Assessment follows when contemplating the impact of weather events on assessments. You are welcome and encouraged to share this information on your community’s website. WHEN IS DAMAGE OR LOSS REFLECTED IN PROPERTY ASSESSMENTS? Per Sections 18(2) and (3) of the Assessment Act, substantial property damage or destruction that is reported, and not repaired by October 31, 2021, will be considered when determining 2022 property assessments. WHEN IS DAMAGE OR LOSS NOT REFLECTED IN PROPERTY ASSESSMENT? Substantial damage or destruction of buildings and/ or structures that occurred between November 1 and December 31, 2021, and was not repaired by December 31, will not be reflected in 2022 property assessments. Section 10(3)(c.1) of the Assessment Act provides a framework for amending assessments in such cases.
WHAT CONSTITUTES SUBSTANTIAL DAMAGE? Buildings and/or structures are considered substantially damaged if remediation costs are at least 25% of assessed improvement value, or the damage renders the improvements uninhabitable or unusable for their intended purpose.
WHAT IF BUILDINGS AND/OR STRUCTURES ARE UNDAMAGED, BUT LAND IS DAMAGED? Section 10(3)(c.1) only permits amendment to an assessment if a property’s buildings and/or structures were deemed substantially damaged or destroyed. Damage to land without substantial building and/or structure damage will not be considered until the following year’s assessment.
HOW IS BC ASSESSMENT RESPONDING TO THE RECENT WEATHER EVENTS? We recently implemented an Extreme Weather Response Team (EWRT) comprised of dedicated appraisal resources to ensure coordinated, consistent, effective and efficient communications, inquiry response and valuation amendment decision-making for properties impacted by recent weather events.
18 | GFOABC.CA
