Property assessments higher, but markets have changed
If you checked to see, BC Property Assessments are up early this year.BC Assessment determines the assessed value of your property based on a valuation date of July 1st of each year.
Your taxing authority has an annual budget to fund important services used every day in your community. A New tax rates must be set before May 15th in order to raise enough revenue from property taxes to cover their annual budget. There is a different tax rate for each of the nine property classes.
According the CBC, “B.C. Assessment says in a statement that most owners can expect to see a five to 15 per cent rise in values when notices are issued Jan. 3”. Since then, interest rates have continued to rise and inventory has decreased.
How do they Assess Market Value for July 1st of the previous year?
Coquitlam Market Changes in 2022
Detached
Condos
Port Moody Market Changes in 2022
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Townhomes
East Vancouver Market Changes in 2022
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Condo
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Information on this webpage is from a variety of sources which may include the developer’s website, advertisements, sales centre, MLS or other sources and is not guaranteed and is subject to change.