BC Assessment 2019 and the value of your home

You may ask how do Property Assessments work??

 

The assessed value of your property is determined on a certain date, this date is as of July the year before. Something to remember is the market may have fluctuated since then, up or down (or remained the same). It is imperative to understand the value of your property and home is factored on what the Real Estate market was doing back in July ...not necessarily what it is doing when you get the information in the mail.

 

The property tax rate which is also referred to as a multiplier or sometimes "mill rate", is a percentage by which the assessed value of your property is multiplied to determine your tax bill for the upcoming year it is not always a direct reflection of what the market value is.

 

While consumers may try to use the tax assessment to value a home, it is much more accurate to have your Realtor come and present you with a current "market evaluation". A market evaluation is when your Realtor does a proper search of actual comparable properties (of similar i.e. double car garage versus single etc., which the tax assessment cannot do) that have SOLD in the last 1-4 months. This is a free service I provide to all my clients. Do not hesitate to call anytime to set up an appointment. I am happy to come have a look at your property to give you an up to date "market" evaluation, which can be quite different from what the assessed value is. 

 

For direct information to the property assessment to any property in B.C., simply type the Civic address into the search field in the following link 

 

https://www.bcassessment.ca/Property/AssessmentSearch

 

Ann Watley

Personal Real Estate Corporation 

January 2019

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