Hey Folks!
You may have noticed that your most recent BC Assessments have been mailed out and have taken a peek and now have some questions. When reviewing your tax values there are a few things to keep in mind:
1) The BC Assessment tax value is NOT the same as your market value. The Market Value of your property is what a ready, willing and able buyer would likely pay for your property or properties very similar in the current market. This is how properties are valued for the market. The assessment value is simply what the assessment authority values your property at for taxation purposes based on the available data they have on their (sometimes outdated) records.
2) The BC Assessment tax value is taken as of July 1st of the previous year. In this case, this value is what the assessment authority deemed your property to be worth as of July 1, 2023. The market has changed since then.
3) The BC Assessment tax value may not take into account renovations or additions that have been done to your property unless you have self reported them. Added/removed a detached garage/workshop? Renovated a kitchen and baths? If the assessment authority doesn’t know about it, your value won’t reflect it.
4) The BC Assessment tax value may have gone up in some neighbourhoods and down in others. Since the market has changed due to interest rate increases some areas have fared better than others. There is no solid rule that all assessments go up or down.
5) The BC Assessment tax value can be appealed. If you feel your tax value is too low or too high and would like to appeal to the Assessment Authority, this can be done. If your property criteria in comparison to similar properties warrants a change in value, this is possible.
If you have been planning to make a move in real estate but have put it off due to receiving your BC Assessment value, give us a call. It’s important to remember your MARKET VALUE is what matters. Not what BC Assessment says your house is worth.
Wishing you all the best for 2024,
Matt Bastien