This week is all about BC Assessments. Here are a few property tax Myths!
1. Myth: My BC Assessment went up 50% my taxes are going to go up like crazy!
Fact: In general, if assessments go up overall, the tax rate will go down. Property taxes are calculated by each municipality individually using a mill rate. The mill rate generally goes down if assessments go up. However, If your property goes up more than the average amount for the area you may end up with higher taxes
2. Myth: I can appeal my BC Assessment at city hall (or through my city)
Fact: BC Assessment and your city are two separate entities. If you have received an assessment that you do and agreed with you would nee to contact BC Assessment Authority directly to look at the possibly of appealing the assessment. (If you are interested in learning about the appeal process click here:
3. Myth: My BC Assessment is reflective of what my house would sell or appraise for.
Fact: BC Assessments are calculated in the summer of the year prior to their issue. They lag behind the market. BC Assessment also may not be aware of upgrades done to a property. Consulting with a realtor or appraiser is the best way to get a better idea of your current market value