Assessment Changes For 2017
BC Assessment Authority (a Provincial Government, Crown corporation) is responsible for establishing through annual appraisals, the monetary value of each property in the Province of BC. Each December BC Assessment provides early assessment notices to property owners for significant property assessment increases due to take effect in the following year. For assessment changes applicable to 2017 the number of early notices provided in December 2016 has increased significantly over prior years.
How are property assessments determined?
There are a number of factors that BC Assessment use in determining property assessments; however, the real estate market is the main driver for assessment changes. Property values usually change as a result of real estate market forces and these forces vary by property type and location. If a property was upgraded, the value will likely increase. Market value for assessment purposes in British Columbia is the most probable price of a property in an open market between a willing purchaser and seller.
What should you do if you have questions or concerns regarding your property assessment:
- Check that all the details on your assessment notice are correct.
- Consider the value of similar properties in the neighbourhood and what your property may have sold for on July 1st.
- Contact a BC Assessment advisor for further information. By phone, 1-866 valueBC (1-866-825-8322) or via their online email form.
Property owners have an opportunity to challenge the value assigned for their property assessment by filing an appeal with BC Assessment. Should you wish to appeal your assessment, the deadline to file a complaint (appeal) is Tuesday, January 31, 2017 at 11:59 p.m. PST. Full details of the appeal process can be found on BC Assessment’s website, via the Appeal Guide.
Impact on property taxes
An increase in assessed value does not necessarily result in an increase in property taxation. The amount of property tax payable is dependent upon a number of factors, including the value of your property in relation to the average value of properties in the same classification, Home Owner Grant eligibility and any increase in the annual tax levy. However, those people in receipt of an early assessment notice from BC Assessment may likely experience a higher increase in property taxes in 2017 as compared to those people with an increase in line with average property values. For additional information from BCA regarding assessment values and taxation, please view the video below.