East Vancouver homeowner's bid for $1 million increase to property assessment rejected
CTV
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.
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.
