2025 BC Assessments are here! Assessed Value vs. Market Value:

Happy New Year! It’s a new year! In BC homeowners are receiving their BC property assessments. The difference of assessed value vs market value is important to know!  

You can download a digital version of your 2025 Assessment here 

The primary purpose of BC Assessments is to establish a basis for municipal and provincial property taxation—not to reflect current market value. These assessments can vary significantly and may not align with what your property could sell for today. For instance, similar neighbouring homes can have vastly different assessed values, and there’s no consistent correlation between assessed value and market price.

How Is Assessed Value Calculated? The primary purpose of BC property assessments is to determine how much property tax homeowners owe. However, the assessed value often catches homeowners' attention, so understanding how it’s calculated is crucial—especially since it doesn’t necessarily reflect market value.

Key points about assessed value:

• Appraisers rarely visit homes in person, so factors like renovations, layout, or maintenance are often missed.

• Assessments focus on:

  • Location

  • View

  • Home size and lot size (if detached)

  • Age

  • Permitted additions (e.g., decks, garages)

  • Comparable sales as of July 1 of the previous year

• Assessed values are over six months outdated by the time they’re issued in January.

How Is Market Value Calculated?

Market value reflects what a buyer is willing to pay and a seller is willing to accept in today’s market. Unlike assessed value, market value considers:

• Interior layout and design trends. 

• Location and proximity to transit or amenities

• Renovations, upgrades, and maintenance (e.g., new appliances, roof, or flooring)

• Lot characteristics (flat vs. sloped lots, floodplain risks, just to name a few.)

• Strata details (if applicable, like reserve funds or special levies)

• Current market trends (demand, supply, and recent comparable sales)

• Marketing efforts and buyer sentiment. Market value is real time, accurate!

  Know What Your Home Is Really Worth. While BC assessments provide a foundation for taxation, they don’t represent what your home could sell for. If you want to know your home’s true market value, a more accurate picture of your home’s worth, consider a free, no-obligation market evaluation. At HELM, we evaluate your home based on the current market, recent sales, and active listings to provide a custom tailored analysis.

Curious about your home’s market value? Contact us today!