Plymouth elementary school building suddenly became more valuable despite being boarded up for the last year. The school district is looking to sell the asset for potential redevelopment.
Photograph by: file photo , North Shore NEWS
DESPITE closing its doors two years ago, the assessed value of Plymouth elementary has increased by $1.18 million since 2011.
The increase, which has pushed the value of the school to $9.99 million, is due primarily to a $742,000 hike in the value of the building, despite no improvements being made. "As far as we're aware there have been no changes or improvements made to the property in the last two years," said Victoria Miles, communications manager for the North Vancouver school district.
While the school may be two years older, it's not unusual for assessed value to increase despite physical degradation of the building.
"It might be more expensive to build this year. Even though it's a year older and depreciated a bit, its value may actually increase because it may cost more as a starting point to construct a school," explained Paul Borgo, deputy assessor with B.C. Assessment's Vancouver Sea-to-Sky office. "It's shut, but it's still there, obviously, and the building has value."
Schools are valued based on the value of the land and the depreciated replacement costs, according to Borgo. The change in value is probably reflective of some increased costs over time in the marketplace," he said.
The value of the land has increased by $444,000 since 2011, although that may change if the school's zoning is changed.
Plymouth elementary is one of 11 North Vancouver schools that may be sold or repurposed due to declining enrolment. Applications to turn Plymouth into duplexes, townhouses, a Christian academy or a skills school are currently being entertained by the district.
