BC Assessment 2015

As you have probably already noticed the BC Assessments for 2015 have been released. My sellers have been messaging me non-stop trying to gain further clarification on why their assessments have gone up and what does this mean for the sale of their home. I have taken the time to explain the factors that affect the BC Assessment values and how the data is taken.

Overall the total assessed value of homes in Vancouver is up 9.5%. The Richmond/Delta area specifically is up 5.7%. However, when looking over your BC Assessment there are a few factors to take into consideration. This notice reflects the value effective last July 1, 2014, physical condition and permitted use effective October 31, 2014; therefore the information is already more than 6 months out of date once you have received it. Of course the assessor is generally unaware and your notice does not take into account any significant improvements, additions (without permit), mechanical, structural or other problems or deferred maintenance (i.e. leaky roof. Strata issues including Special Assessments (arising with increasing frequency from depreciation reports) are also not typically accounted for. Factoring in condition variables, the assessed value can be a helpful guide in part to determining actual market value. In my experience actual property values are mostly within 10% over or under the reported value when it’s received in January.

If you are curious about any assessed values of properties in BC or you have yet to received your 2015 assessment, you can find more information at http://evaluebc.bcassessment.ca/. If you suspect that your tax assessment is reporting a value higher than it’s true value and you would like to lower the assessed value so you pay less property tax it contesting your assessment is fairly easy. All that is required is that you request a review by filing an appeal by January 31st, it’s FREE and can be done online at http://bcassessment.ca/Pages/default.aspx, by mail or fax. You can also try to contact BC assessment over the phone at 1-866-825-8322.

Categorised in: Real Estate Resources

This post was written by Shafik