Billionaire and Lululemon Athletica founder Chip Wilson wins an appeal to reduce the assessed value of his Vancouver waterfront home by more than $18 million. Multiple outlets report that the case involves the property’s assessed value used for taxation purposes, which had been listed for years among British Columbia’s most expensive residences.
According to the reports, the British Columbia Property Assessment Appeal Board issues a decision dated May 28 ordering BC Assessment to lower the 2025 assessed value. The new assessed value is reported as $64.4 million. The reduction of roughly $18 million reflects the board’s acceptance of Wilson’s argument that the property’s assessed value does not match what it would sell for in the real market.
The sources characterize the appeal as a legal challenge to BC Assessment’s valuation approach. The outcome is a revised assessed figure for the 2025 tax year, as directed by the appeal board’s decision.
