Are you a homeowner in BC? If so, then you have received a BC Assessment in the mail. You are not alone if you have wondered what the process is for determining your homes’ value.
BC Assessment is an “independent, provincial Crown corporation, governed by a Board of Directors and is accountable to the Government of BC.” They report directly to the Ministry of Finance. Each year, Property Appraisers assess the location of the property, the size of the home, the age of the home, various feature that affect the homes’ value, such as landscaping, pool, buildings etc, as well as the recent sales of other homes in the area.
The assessments are done by a tax assessor. Assessors are typically appointed or are elected officials. Their task is to determine property values for a given area. This information is then applied by local governments to set the tax rates. These taxes go towards supporting the community’s annual budget.
How are assessments performed? Assessors collect information using a comprehensive approach. They will gather data from various sources in the area: building permits, land titles and real estate sales, on site evaluation, pictures, owners reports and 3D modelling.
Assessments are based on property values as of July 1st of every year and are mailed to residents each January of the following year. Therefore, the assessment you received in January 2022 would have been an estimation of the market value from July 2021. Assessments can change each year, either increasing or decreasing based on improvements to the home and/or changing market conditions.
Should you feel that your property assessment does not reflect your homes’ current value as of July 1st of the previous year, you may contact B.C. Assessment in person, by phone at 1-866-825-8322 or online at www.BCassessment.ca. If you wish to appeal your property valuation, you must do so in writing by February 1st.
If you need more information regarding mortgages or if you need any advice on your personal situation please contact our office at 604-556-3893 or email at email@example.com.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.