West Coast Ivana Blog


BC Assessment and everything you need to know.

What does your BC Assessment say about your home?

Information is collected and analyzed by BC Assessment appraisers for all properties in British Columbia. (Most often this information collection occurs when properties are created/constructed, but can also occur at other times like when properties are renovated.)

A common misconception is that a significant change in your assessed value will result in a proportionately significant change in your property taxes. The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction.

Each January, BC Assessment mails property assessment notices to the owners of 2+ million properties in the province. The notice contains your assessed value, which is the estimated market value of your property as of July 1st of the previous year, the property classification, and tax exemption status.
The assessed value, property classification, and tax exemption status are important factors in determining how much property tax you pay, and form the first piece of the tax equation formula.
Please contact your taxing authority, or visit their website, to learn more about how they calculate property tax rates in your jurisdiction.

Did all areas in BC go up in Value?

Most areas in bc saw property values increase 15-35%, and areas in the norther sections of British Columbia such as Kitimat saw 0% change.

 

2021 was a year where a lot of people started to move further from the city, as we all started to work online. Here are some areas that saw 20%+ gains from their 2020 Assessments

Williams Lake over 20% change

Kelowna Detached – over 30% 

Vernon Single Detached – over 30%

 

What happened in the Tri cities?

Port Moody

Single Detached

Attached

Coquitlam

Single Detached

Attached

 

Port Coquitlam

Single Detached

 

Attached

 

What do property appraisers look at?

Property appraisers look at recent sales, location, size of home, size of lot, age of home, location of home and miscellaneous

Where do they gather information from?

Building permits Land Title Office, Real estate transactions, onsite inspections, aerial and street imaging, online questionnaires and forms.

Property Values are based on prices as of July 1, 2021, and the market and/or your home could change after that due to market conditions, permit changes, renovations etc.

Some key dates to keep in mind

January 31 – Property Assessment Review Panel Deadline
Note: As January 31 falls on a weekend, this deadline is extended to February 1, 2021.
People wishing to request an independent review of their assessment must file
their written notice of complaint with the assessor by this date.
July 1 – Valuation Date 
The date actual (market) value of properties is determined for the purpose of assessment rolls.
October 31 – Physical Condition and Permitted Use 
The assessment reflects the physical condition and permitted use (zoning) of
property as of this date, except where substantial damage or destruction of the
December 31 – Assessment Notices
Completed assessment information produced and mailed to property owners. Assessment information and value totals delivered to tax authorities and are available online.

Remember, that your BC Assessment is not an indication of market value of your property. So in order to see what your home is worth today, please get in contact and I would be happy to do a custom Market Analysis of your home.

 


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