Even the land and buildings at Vancouver City Hall are not immune to huge jumps in assessment values.
Analysis of BC Assessment numbers show that the total value of the land and buildings at 453 West 12th Avenue jumped to $113,256,000 in 2016. This is up 33% from the assessed value of $85,386,000 in 2015.
Most of the value for the property is locked up in the price of the land, valued at $99,285,000. By comparison, the buildings on the site are worth only $13,971,000. The value of the buildings will likely decrease in future years if the East Wing building along Yukon Street is deconstructed. (But what is planned next?)
In 2015, City Hall was assessed at $71,415,000 for the land, with the buildings coming in at $13,971,000. The increase, year to year, on the land alone was 39%. Back in 2008, City Hall was assessed at $59,766,000, with the land component of this value recorded at $45,510,000 (or just 45.8% of the 2016 valuation).
BC Assessment values land at the “highest and best use”. (An open question is what would the “highest and best use” of this site be?) The official contact for this property is the City of Vancouver Real Estate at 453 West 12th Avenue, Vancouver, BC, V5Y 1V4.