BC Assessment. What it is and Isn’t!

As the new year begins, homeowners across the provicnce are receiving their BC Property Assessments. While these assessments play a role in determining municipal and provincial property taxes, they are not designed to reflect what your home would sell for in today’s market. Assessed values are based on limited criteria such as location, size, age, permitted additions, and comparable sales as of July 1 of the previous year, and assessors rarely visit homes in person. This means renovations, condition, layout, and maintenance are often not fully captured, and by January the data is already more than six months old.

Market value, on the other hand, reflects real-time conditions and what a buyer is willing to pay in the current market. It considers interior design and functionality, upgrades, lot characteristics, strata details, neighbourhood amenities, supply and demand, and overall buyer sentiment. While BC Assessments provide a taxation baseline, they don’t tell the full story of your home’s true value.  Check your property assessment here. To appeal and or learn more about the process you can visit their website.