July 5, 2016 – 5:45pm
The largest known assessment reduction in BC history ($867million reduced to $500million) was recorded by South Vancouver Parks Society (VanParks).
- LOBBYIST ARRANGED IN PRIVATE MEETING
- ASSESSOR AGREED WITHOUT REQUIRING A WRITTEN REPORT
- BC ASSESSMENT SAYS ORIGINAL PUBLIC RECORDS “NOT RELEVANT”
No Written Report Was Required by Assessment employees to grant the largest known property tax reduction in BC history. BC Assessment said, previous value records “Not Relevant”and refused to disclose.
The Oakridge Centre development partnership will pay zero property tax for highrise density that was approved on March 14, 2014. The multi million tax revenue Loss of the approved Oakridge development site has been shifted to Residents & Small Business. As a result of this decision the land owner pays nothing in property taxes for the billion dollar gain they have made on their balance sheet. This $367 million reduction was accidentally recorded by a VanParks Director (Glen Chernen) between January and April 2015. Discovery of the prior public record and deletion, led to a 14 month assessment appeal process and efforts to obtain BC Assessment’s $867 million internal calculations through FOI requests.
PRIVATELY ARRANGED WITHOUT TYPICAL EXAMINATION – “error or omission” Section 10(2) BC Assessment Act – Allows the Assessor and landowner to bypass 3rd party examination normally conducted by (BC Property Review Board Panel “PARP”) when an “agreed reduction” is reached due to evidence of “error or omission”.
RUBBER STAMP: The privately arranged $367, 217,000 reduction was obtained after “PARP” rubber stamped the landowner / Assessor “agreed reduction”.
FICTIONAL DEVELOPMENT PLAN & +DENSITY LOWERS VALUE
BC Assessment created a revised development valuation method, made from a fictional development plan for 13-14 lots, despite no such application applied for or approved. Based on their fictional plan, the revised BC Assessment calculation then resulted in a land value decrease at Oakridge Centre, from 2334 lot condos & increased density. The photo below is the absurd calculation where the assessor ignored to recognize any value gain of the approved density (subject to conditions), and only chose to look at the valuation based upon the income cash flow from the tenants. Not only was the assessors direct comparison value extremely low and then completely ignored but assessing it this way passes the immediate tax burden on to the tenants.
It is the Assessors duty to value the current actual market value but instead they have ignored this development potential and are taxing only the tenants. If you know a tenant make sure you let them know that the Oakridge Centre development partnership will pay no added tax for approval of 2334 strata lots(condos) and they are subsidizing the property taxes of a pension fund.