BC Assessments are estimated as of July 1st every year, and then your annual assessment notice is provided in January will announce your properties assessed value based on the market value that your property would have sold for the previous July. Also, the deadline to appeal your assessment is January 31, 2022.
BC Assessments does not provide your properties current market valuation because it is calculated and informed to the public in different time frames (almost 6 months). Similarly, BC Assessment may not have information surrounding your recent property updates unless the home owner has reported it. For this reason, it is always a good idea to contact with your Real Estate Professional and learn your property current market value.
Matt Gul Personal Real Estate Corporation Market Valuation Team can provide you with your accurate home market valuation for your property in West Vancouver, North Vancouver, Downtown Vancouver, Vancouver West, Shaughnessy and beyond - without any charges or commitment.
Please Call or Text Matt at 778.888.8888 or click here for a Free Home Evaluation.
What is BC Assessment?
BC Assessment is a provincial Crown corporation that classifies and values all real property in British Columbia. Each year, BC Assessment sends property owners a Property Assessment Notice telling them the fair market value of their property as of the uniform valuation date of July 1 in the prior year.
What is an assessment?
An assessment is the determination of a property's market value, classification and applicable exemptions each year. In early January, property owners receive a BC Assessment Property Assessment Notice showing the property's value, class and applicable exemptions. This assessment is the basis used by taxing authorities for determining the share of municipal and provincial property taxes owners will pay.
How is an assessment of property made?
BC Assessment has a professional appraisal staff and an extensive database that is periodically updated with information gathered through appraisal inspections. Municipal and provincial agencies inform BC Assessment of land title changes, building permit approvals and zoning adjustments. BC Assessment also considers a property's unique characteristics, including location, size, layout, shape, age, finish, quality, carports, garages, sundecks and condition of buildings.
In determining the assessed value and the property type, our BC Assessment may give consideration to:
- present use
- original cost
- replacement cost
- revenue or rental value
- selling price of the land and improvements and comparable land
- improvements, economic and functional obsolescence