Each January BC Assessment sends out notices to almost 2-million households in BC. But what is the BC Assessment? Well, it provides owners with the “value” of their property.
How Accurate Is Your Assessment Notice?
BC Assessments can cause excitement or disappointment for home owners, depending on if the value of their home has increased or decreased. However, we wouldn’t recommend breaking out the champagne or Kleenex box just yet! BC Assessment values are determined by using sales values as of July 1st of the previous year. Which means they are not entirely accurate.
Furthermore, BC Assessments are determined without someone coming to view your or your neighbours’ home. So, the $100,000 interior update you did is not accounted for. Same with the new roof or the fact that your neighbours’ home is one wind storm away from blowing away.
This year it is expected that most homeowners will see a -5% to +5% increase in their assessed value over last year.
Unless you like outdated information, we suggest you contact a Real Estate Agent in order to determine what your home is worth today. Ideally not just any Real Estate Agent, but Your Two Awesome Realtors!
What Are BC Assessment Values Used For?
BC Assessment information is not just provided to homeowners, it is provided to all levels of Government and more importantly the Tax Authority. Property values, as determined by BC Assessment, are used to provide a stable base line for taxation in BC. Which means the higher your assessed value is, the higher your taxes will be.
Disagree With Your Value?
If you feel that your property has not been assessed correctly and believe the value is too high or too low, you are able to appeal the value. This year the deadline to file an appeal is January 31st!
Online Assessment
Haven’t received your Assessment yet, and too anxious to wait for it? Check out BC Assessment to find out what your property is assessed at. If you’re as nosey as we are, feel free to look into the home value of everyone you know as well!
