It’s that time of year again! The B.C. Assessment Authority released its online record of property valuations for 2020. BC Assessment collects, monitors and analyzes property data throughout the year. Property assessments are based on property values as of July 1st of every year. Interested in learning more about the assessment process, appeals and what the results mean for you? Read more below!
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” said B.C. Assessment deputy assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”
How are property values determined by appraisers?
They evaluate the location of the home, the size of the home, the size of the lot, the age of the home, the location of the home on the lot, extra features that can affect the home’s value and comparable sales prices and other real estate market information.
Where do the property appraisers gather this information from?
The information comes from a variety of sources including the province, your city, site visits, homeowners, building permits, land titles office, real estate transactions, property owner initiated updates, 3D modelling of Vancouver’s downtown condos to determine views, requests sent to property owners, a visit to the property, aerial & street-front imager and more.
How does my assessed value affect my property taxes?
Market value assessment is widely considered the fairest system for distributing the property tax burden.Your local tax authorities determine the property tax rate they will set to raise the revenue needed to pay for public services. Your property taxes are then determined by your local municipality based on the assessment value provided by BC Assessment. Your property taxes may change from year to year depending on how your assessment changes.
Have questions about your property assessment?
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. Hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday during the month of January.
The Appeals Process:
If you wish to appeal your property value, you must do so before the February 1st, 2021 deadline. Before filling an appeal, use the Assessment Search to review your assessment and sales of similar properties to ensure your assessment is accurate. If you are still unsatisfied with the results, contact BC Assessment prior to submitting an official Notice of Complaint (Appeal).
Check out their helpful FAQ’s as well before filling an official appeal. If you are still not satisfied after discussing your concern with BC Assessment, you may use the complaint and appeal process to have your assessment independently reviewed.
Learn more about that at the appeals process, here.
“For the Lower Mainland region, the overall total assessments have increased from about $1.41 trillion in 2020 to about $1.46 trillion this year. Over $15 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast”
Now may be the time to take advantage of a record breaking real estate market and extremely low interest rates!
Interested in buying or selling in the coming months?
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Kim Phillips Real Estate Team