Here we Go Again -
The 2018 Assessment Notices are out & causing a stir, as they tend to do, in a market that has been as hot as ours this past year. Here are the basics -
Your Assessment is BCA's estimate of your property’s value as of July 1, 2017, and for new construction or substantially renovated homes, the physical condition as of October 31, 2017.
BCA’s assessment and a REALTOR’S® assessment. Why the difference?
Both BCA assessors and Realtors calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location such as on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.
The main difference is the time the assessment is made. BC Assessment's value is as of July 1 of the preceding year. So, their valuation could be vastly different from current market value.
For property tax purposes only
Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction, and BC Assessment is the most equitable way of allocating taxes across the over 2 Million properties in the BCA Database.
Home Owner Grant coverage declining
The Home Owner Grant is a provincial grant which reduces the amount of property tax an owner pays. To qualify you must be the registered owner, you must occupy the home as your principal residence, you must be a Canadian citizen or permanent resident of Canada, and you must live in BC.
The grant is available to owners of properties assessed at up to $1.6 million.
It’s reduced by $5 for each $1,000 of assessed value over $1,600,000.
When you view your assessment
Property owners can look up their assessment details on BCA's e-valueBC website.
Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description, and property ID.
If property details are incorrect, property owners are directed to complete and submit an e-valueBC Data Validation Form.
Deadline to appeal assessment is January 31, 2018
Disagree with your assessment? Do some homework first!
- Compare your assessment with neighbouring properties;
- Contact BCA at 1-866-valueBC (1-866-825-8322) and talk to staff who can make adjustments if there's an obvious error, for example if BCA included a complete renovation when there was merely a spruce-up.
- Review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. (Step 7)
- And, you can always call us for an up to date market evaluation of your home ! We are here to help. 604-984-7253