In my experience here's what I've learned about assessed value:
One third of the time they are high.
One third of the time they are low.
One third of the time they are accurate.
Therefore, two thirds of the time they are wrong!
Remember, assessments are only a snapshot in time (July 1 of the previous year), and they are used to determine annual property taxes - they do not necessarily reflect what your property would sell for.
At the beginning of the year I like to offer my clients an updated estimate of value on their homes. So far the ones that I've provided this year have been significantly off from the assessed value. So if you were to sell your home today be sure to have a professional provide you with an in depth and accurate market analysis. The real estate market tends to shift from month to month due to various factors - primarily interest rates, but also level of demand, lack of supply, and surrounding development such as new transit lines.
If you haven't received your BC Assessment in the mail you can look it up online at bcassessment.ca.
If you want to appeal the value that your property was assessed at you can file a Notice of Complaint by January 31.
Are you curious about the current value of any real estate that you own? Let me help you understand the market and the current trends in your neighborhood.
There's never any cost or obligation to have a conversation with me about what the next logical steps are for you.
You can connect with me here.
