BC Assessment has now refreshed their database to reflect this year’s assessed values for property taxes. According to BC Assessment, most homeowners around the province can expect about a 5 to 15% rise in assessment values, as assessments are based on July 1st, 2022 valuations.
Since July 1, values in the real estate market have changed and your 2023 property assessment will likely be higher than what the current market value might be. BC Assessment notes that everyone will be in the same situation and that an increase in assessment value does not necessarily result in an increase in property taxes unless your property values has changed more than the average value change for your community.
To check your home’s value and compare your home to neighbouring properties, check your assessment. On the BC Assessment site, scroll down below your property details, and you will find an option to sample sold properties. This will show you some of the comparables sales used to determine your property valuation. Keep in mind that values are a snapshot at July 1st of 2022.
If you think that valuation is not accurate, you can appeal the value. To appeal your value, there is a specific process, and you must file your intent to appeal by January 31, 2023.
