Michael Geller's Site Valuation Appeal

This is a Holborn news story, published by financialpost, that relates primarily to Michael Geller news.

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valuation

financialpost

•

Business

Business & Economics

How undervaluation of Vancouver sites could cost millions in property taxes

Summary

Nutrition label

74% Informative

Retired architect Michael Geller appealed against the valuation of the site at 500 Dunsmuir Street , owned by developer Holborn Properties Ltd. ,.

Geller said he was particularly aggrieved by the treatment of the hotel by Holborn leading up to its demolition, “and then they got rewarded by getting a lower assessment” Retired appraiser Derek Holloway said he had identified hundreds of under-assessed properties in recent years .

BC Assessment assessor says it's easy for critics to pick sales that exceed assessed value.

Others could point to sales below assessment.

The legal transfer of properties by use of company ownership is a well established way to avoid the property transfer tax that is incurred when title changes hands.

Many sales in B.C. involve bare trust companies, in which legal ownership of a site is separate from true beneficial ownership.

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Informative language

Neutral language

Article tone

informal

Language

English

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not offensive

Hate speech