BC Property Assessment
It's that time of year. You've probably received your new property value assessment in the mail. If not, you can go online to https://www.bcassessment.ca/ Enter your address in the search bar to get the assessment for your property. You can also also look up your neighbours' assessments or the assessment of other properties in BC.
Why is this important?
The value assessed for your property is the basis for how much property tax you will pay in 2018. Property assessments are about determining HOW property taxes are distributed per Assessment Act Regulation. BC Assessment provides local governments and other taxing authorities with accurate and independent assessment information. https://www.cassessment.ca/Property/faqs has answers to frequently asked questions.
BC Assessment Value vs. Current Market Value
A property’s assessed value is commonly not the same as its current market value, since:
1. it is ~6 months old by the time you get it
2. it doesn't always reflect the value of major renovations/improvements owners may have made
3. it doesn't reflect buyer demand for specific properties
For more insights for Understanding Property Assessements and Property taxes, watch https://youtu.be/kEhzXBNfkOc