The 2022 B.C. Property Assessments are now available.
You can view your property assessment or any other property by visiting the B.C. Assessment website. bcassessment.ca. Once you are on the website, simply type in the property address into the search field and the assessment information will display.
There are over 2 million properties in B.C. that are assessed by B.C. Assessment Appraisers. Information about properties is collected by them and then analyzed.
When viewing the assessment for your property there are a number of things to consider:
The assessment on your property was done almost 6 months ago on July 1st 2021.
The Real Estate market at that time is also taken into consideration to come up with the assessed value for a property.
New information about properties is also collected when renovations are done and permits are pulled through the City.
Location, lot size, garages, pool, deck, the age of your home as well as Comparable sale prices and other real estate market information are also taken into consideration.
There are also a number of factors that may give you an inaccurate assessment of the value of your home.
For example, if you did improvements to your property that required a permit but permits were not pulled, then the value of your home improvements may not be reflected in the assessed value for your property. Updates that add value that don’t require a permit may also not be reflected.
Some important dates to understand the assessment process are:
January 31st, 2022 – Property Assessment Review Panel Deadline
If you feel your assessment value is inaccurate and you wish to have it changed, you can appeal your property assessment and request an independent review of your assessment. The deadline to do so is by January 31, 2022.
July 1, 2021 – Valuation Date
This is the date that is used to estimate the market value of all properties in BC. Market value is defined as the most probable price a home owner would receive if they sold their property on July 1st.
October 31 – Physical Condition and Permitted Use
The assessment reflects the physical condition and permitted use (zoning) of property as of this date, except where substantial damage or destruction of the buildings occurs.
December 31 – Assessment Notices
Completed assessment information is produced and mailed to property owners. Assessment information and value totals are delivered to tax authorities and are available online.
A hard copy of your assessment is mailed to you and you should receive it by the second week of January. Prices for homes across the board have changed significantly since July when the assessments were done. If you’re curious about the TRUE market value of your home today, please reach out to me.
“In 2021 Krista was in the Top 50 Real Estate Agents for Greater Vancouver putting her in the Top 1% for sales of all agents, and is among the Top Realtors with her Team for sales at her Brokerage, Keller Williams Elite Realty. Krista has been rated #1 for Coquitlam Real Estate Agents for 2019, 2020 and 2021. Together with her Team they sold 106 homes and had over $104,000,000 in sales in 2021.”