East Vancouver homeowner's bid for $1 million increase to property assessment rejected
B.C.'s Property Assessment Appeal Board has rejected an East Vancouver homeowner's argument that his property was undervalued by more than $1 million in its most recent assessment.
Harvey Oreck appealed the $2,899,000 assessed value of his home at 3422 Triumph St. in Vancouver earlier this year, arguing that it was actually worth closer to $4 million.
"The appellant’s main contention is that the property’s assessment is too low and does not reflect the high quality of the home, level of finishing, and view," wrote PAAB panel chair Larry Dybvig in his decision on the appeal.
"He says the value of the property is $3,975,000."
Oreck based his appeal on the assertion that there are no comparable properties in the area and that the assessor should have instead based the home's value on the cost of replacing the structure.
The assessor for Area 09, Vancouver Sea to Sky Region, disagreed, offering three comparable properties located outside Oreck's immediate neighbourhood that Dybvig ultimately agreed were sufficiently similar to Oreck's home.
The home in question is a 3,464-square-foot single-family dwelling built in 2017. It has a 511-square-foot laneway home, which rents for $1,975 a month, and a two-car garage that opens onto the lane.
The structure is built on a 48-foot wide, 5,856-square-foot view lot on Triumph Street, less than a block away from the Cassiar Connector and Highway 1.
According to Dybvig's decision, the assessor noted that the lot's views of Coal Harbour and the North Shore mountains are positives, but the noise from the PNE and the highway detract from the location's value.
"The appellant says the noise is not a problem, because the triple-paned windows make the home 'virtually completely silent, except for motorcycles and sirens,'" Dybvig wrote.
And while the homeowner submitted a letter from a realtor, who offered his "considered opinion" that the home is worth between $3,875,000 and $4,075,000, the appeal board remained unconvinced.
"The realtor's letter provides no support for this opinion, no methodology, data or analysis in support of this opinion and no indication of his qualifications," Dybvig wrote.
The chair acknowledged that valuation is "not an exact science," but said the home's 2021 assessment appears to fall within the range of value tolerated in appraisal.
CTVNews.ca Top Stories
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
WATCH LIVE Toronto police to release updated list of most wanted fugitives in Canada
Toronto police and law enforcement partners will be releasing the BOLO program’s updated list of the top 25 most wanted fugitives in Canada at a news conference on Tuesday morning.
Prince William and wife Kate thank public for birthday messages for son Louis
Prince William and his wife Kate thanked the public for their messages which had been sent to mark the sixth birthday of their youngest son Louis on Tuesday.
She was the closest she'd ever been to meeting her biological father. Then life dealt her a blow
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Fire engulfs old Edmonton municipal airport hangar
A historical hangar at the former Edmonton municipal airport beside the NAIT main campus was on fire Monday night.
RCMP uncovers plot to sell drones and equipment to Libya
The RCMP says it has uncovered a ploy to sell Chinese drones and military equipment to Libya illegally.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.