Firstly, the ‘when’; BC Assessments (hereafter known as BCA) calculates value based on the market value of your property as of July 1 the previous year. Conversely, a real estate agent will make a calculation that represents the current market value. As we know, a few months in the BC real estate market can make a difference in prices, this is often part of the reason for the difference between the assessed value and the market value as determined by an agent. Secondly, the ‘how’; BCA keeps track of 1.8 million properties. The BCA appraiser visits properties to estimate the value based on an extensive list. Think there is more to the story? You’re right.
The catch is, appraisers don’t visit every property, every year. Alternatively, they use a mass appraisal system calculating the valuations based on similar sales as of July 1. A real estate agent on the other hand, will use current market data and recent sales when helping you establish the value of your property. An agent will also examine the interior and exterior of your home in order to take into account the unique details of your property. Differences in value can occur because owners make changes or renovations that BCA doesn’t know about.
Assessments and property taxes
Just because your 2010 property assessment notice shows an increase or decrease in value, doesn’t mean your property taxes will go proportionately up or down. The local municipal governments are the ones that set property taxes based on their projected budget requirements, not BC Assessments!
Depending on local governments needs and whether new construction has been added to the property class, property taxes may increase, remain steady or occasionally decrease! You can compare property values in the area by visiting http://www.bcassessment.ca and by selecting the ‘e-valueBC-compare Assessments Online’. Should you wish to file an appeal, you’re too late as the deadline was February 1, 2010. I should have written this sooner!
At the end of the day, a property is only worth what a buyer is willing to pay for it. That price is directly tied to the current supply and demand as well as the current economic conditions of an area. I don’t always get to list a property for what I think market value is, however, I’m always happy to help you figure out what a property is really worth.
Joe Squire B.A. REALTOR® Sutton West Coast Realty http://www.joesquire.com
REALTOR®, Island property specialist, Project Marketing / Condo guy, amateur economist, sailor, snowboarder,world traveler with 32 countries in my travelogue. Do it now!
I assist people in buying and selling properties in Vancouver & the Southern Gulf Islands. Benefit from my knowledge and get the expertise you need on your side when making a move in today’s challenging market. I can give you the insightful advantage you want when buying or selling in the region. Gain from my perspective and negotiating skills.
You deserve my prompt, energetic service and professionalism.
Please contact me directly anytime.
http://www.joesquire.com
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