BC Assessments are estimated as of July 1st every year, and then your annual assessment notice is provided in January. The assessments are based on values determined on July 1 of 2022, and are compared to the same time period from the year before. It will announce your property's assessed value based on the market value that your property would have sold for in the previous July. The deadline to appeal your assessment is January 31, 2023.
B.C. property assessment values increased by an average of 5% to 15% compared to the previous year.
BC Assessments does not provide your property's current market valuation because it is calculated and announced to the public at different times (almost 6 months apart). Similarly, BC Assessment may not have information about your recent property updates unless the homeowner reports them. For this reason, it is always a good idea to contact your Real Estate Professional and learn your property's current market value.
The Matt Gul Personal Real Estate Corporation Market Valuation Team can provide you with an accurate market valuation for your property in West Vancouver, North Vancouver, Downtown Vancouver, Vancouver West, Shaughnessy, and beyond – without any charges or commitment.
If you want to check a property's assessment, you can visit the website at https://www.bcassessment.ca/
What is BC Assessment?
BC Assessment is a Crown corporation in British Columbia responsible for classifying and valuing all real property in the province. Every year, property owners receive a Property Assessment Notice from BC Assessment indicating the fair market value of their property as of July 1st of the prior year.
What does an assessment involve?
An assessment determines a property's market value, classification, and annual applicable exemptions. Property owners receive a BC Assessment Property Assessment Notice in early January with information about their property's value, class, and exemptions. This assessment serves as the basis for determining how much municipal and provincial property taxes owners will pay.
How is a property assessment made?
BC Assessment has a team of professional appraisers and a comprehensive database regularly updated with information collected through appraisal inspections. Municipal and provincial agencies provide BC Assessment information about land title changes, building permit approvals, and zoning adjustments. BC Assessment also considers a property's specific features, including location, size, layout, shape, age, finish, quality, carports, garages, sundecks, and condition of buildings.
BC Assessment considers a number of factors when determining the assessed value and property type of a property. These include the present use of the property, its location, the original and replacement costs, the revenue or rental value, the selling price of the land and improvements, and comparable land and improvements. BC Assessment also takes into account any economic or functional obsolescence. By considering these factors, BC Assessment is able to accurately assess the value and classification of each property in the province.
More Information:
https://info.bcassessment.ca/Services-products/Understanding-the-assessment-process/frequently-asked-questions-about-property-assessment