Property Assessment Value Changes

Property Assessment Value Changes

Assessment changes for 2021

Through its annual appraisals, provincial crown corporation BC Assessment Authority is responsible for establishing the monetary value of each property in BC. Each December, BC Assessment provides early assessment notices to property owners about significant property assessment increases due to take effect in the following year. BC Assessment mailed all the 2021 assessment notices the first week of January. If you didn't receive your notice, please contact BC Assessment.

How are property assessments determined?

BC Assessment uses a number of factors 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 BC is the most probable price of a property in an open market between a willing purchaser and seller.

Do 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.
    Phone: 1-866-825- 8322 (1-866-valueBC)
    Email: BC Assessment fillable email form

 

Property owners can challenge the value assigned in their property assessment by filing an appeal with BC Assessment. If you want to appeal your assessment, the deadline for filing a complaint is shown on your assessment notice–the deadline is normally on or about January 31. 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 doesn't necessarily result in an increase in your property taxes. The amount of property tax payable depends on 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
  • any increase in the annual tax levy

However, anyone who received an early assessment notice from BC Assessment may experience a higher increase in property taxes as compared to those owners whose increase is in line with average property values. For additional information from BC Assessment Authority regarding assessment values and taxation, please view the video below.

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