Effect on 2012 Property Taxes with a change of legal title
A property is assessed based upon its legal title at November 30th. The value, or the tax consequences, can be very different. Some examples are:
-
Condominium project:
the property will likely have a lesser value prior to stratification. Hence, the registration should occur after November 30th. -
Consolidated parcels:
a group of properties could each have a greater value than a consolidated parcel as each legal lot is assessed separately. -
Small parcels:
if the development potential is restricted then a lesser value could be applicable. Under this circumstance, consolidation could cause a higher value. -
Land averaging:
in the city of Vancouver, if the legal description of a property changes, then land averaging will not apply. This could be positive or negative. -
Amalgamation:
if a vacant parcel has a separate legal description, but forms part of a total development, such as parking for the adjacent property, it may have been assessed as a freestanding land parcel rather than part of the development. Amalgamation could reduce the value.