3 Things You Should Know About Your BC Assessment 

The 2024 BC Property Assessment Notices are out! Regardless of whether the tax assessed value of your home has gone up, down, or stayed flat, DO NOT assume this is your home's MARKET VALUE! Here's why:

1) BC Assessment Values Are Collected From July 1, 2023
As indicated in the 2024 BC Assessments, the valuation of your property is based on data extracted on July 1, 2023. It is used primarily for tax purposes by municipalities across BC and helps in calculating the property taxes you owe this year. Remember, any changes to your property or real estate market conditions after July 1, 2023, will not be reflected in this assessment.

2) Not Everything Is Captured in the BC Assessment
The Province of British Columbia uses a computer software to calculate the assessed tax value for your home. However, if you've recently renovated your home or if you're in a condo or townhouse complex and have purchased an extra storage locker or parking stall, as an example, these 'extras' may not have been accounted for! There may also be zoning change considerations in certain areas too! These are elements that are unique to the home and are unfortunately not included in the BC Assessment!

3) Check Your BC Assessment for Errors!
It's true! The BC Assessment values can be highly inaccurate because the data captured on your home's lot size, home size, number of bedrooms and bathrooms, may be wrong on the website to begin with! As a best practice, you should check the BC Assessment website online (www.bcassessment.ca) to ensure the data on your home is correct! This is not noted in the paper assessment that gets mailed to your home. I've seen so many discrepancies on a regular basis! It would be wise to double-check!

Homeowners looking to sell or understand the true market value of their property should seek a professional appraisal or consult with an experienced realtor. My team offers expert advice and accurate market evaluations, so feel free to reach out to us if you'd like to have a realistic understanding of your property's worth!