2008 Property Assessment

Ours has gone up by 25%

Yet another reason why affordable housing, and keeping house prices reasonable, affects everyone - not just those who are looking to purchase...

Mine increased 32% 2005->2006 then only 2% 2006->2007 (as my 'land' went up but curiously my 'buildings' plumetted).

Not sure what's happening with 2008 yet as I haven't had the assessment yet but will report back when I do! (gulp)

How do you keep house prices reasonable? We live in a free country and markets dictate house prices. Maybe there should be a change in how property taxes are assessed.

Markets don't dictate house prices, people with vast amounts of expendable funds dictate house prices (and no, it's not the same thing). There is a very strong market in Fernie for affordable housing, but there's nobody building any (yet). Why? Because most people put $$$ before community. And yes, I'm aware of a few proposals that included some affordable housing, but as far as I'm aware there's nothing under construction or contract as yet.

Look at France where there is a cap on house price increases. They don't seem to be suffering - in fact their communities are flourishing.

You can't say it's okay for house prices to rise exponentially based on market forces and then say it's not okay for taxes to do the same. If Fernie is going to become an uber-resort full of million dollar homes, then those homeowners are going to expect roads without potholes and other extended infrastructure, and taxes is how you pay for that stuff. If you don't want the tax rates to increase, figure out a way to keep house prices down - it's not impossible.

Couldn't find any mention of a cap on housing price increases, but did find these interesting tidbits. Looks like they are in about the same boat.

France, property appreciation on year-to-year basis
1 quarter 2006 - +8.3%
4 quarter 2005 - +10.3%
3 quarter 2005 - +10.4%
2 quarter 2005 - +9.5%
1 quarter 2005 - +13.6%
4 quarter 2004 - +15.5%

17 March 2007
France: 15, 25, 30, 40, and 50-year mortgage loans

© 2007, IRED.Com, Inc. Simeon Mitropolitski.
A quiet revolution is going on in the French banking system. The mortgage loans in the last 5-6 years have been consistently made longer and longer. There are already talks about possible 50-year mortgage loans in not so distant future. This revolution started on the other side of the Atlantic. With banking system as developed as in French, and a real estate market that takes only the sky as a limit, France had to adapt its financial services to the new realities. With a banking system so intermingled with other European countries, it's a matter of time before similar 'revolutions' occur in other countries of the continent.

http://www.ired.com/news/mkt/france-loans2007.htm

for the rest of the story.
Doesn't look like we should look to France for an answer.
Maybe you could point me to other info?

So, I'm currently winning.. but only by proxy: I've a good friend whose Property Assessment has gone up by a whisker short of 50%.

We are not alone;
http://www.macleans.ca/business/economy/article.jsp?content=20071219_664...
That article gives a little food for thought. Not quite sure what I am eating though.
Dang the link is not good. Go to Macleans.ca. It is story #6 at the upper left.

Mine went up just shy of 29% over last year. I'd be happy about it if I was looking to sell, but I have no intentions of selling.
I'm glad I bought years ago cuz I'd never be able to afford it today.

Finally got my Property Assessment paperwork (it goes to England because I'm one of those nasty horrible foreigners that bought a house in Fernie years ago tsk tsk).

Land has gone up 45%, but buildings have gone down - so an overall rise of only 20% for me. Yay.