Happy New Year!
Now that 2019 is upon us so are the new assessed values for real estate in British Columbia. On January 1st every year the BC Assessment Authority publishes what they believe are the values for real estate in BC. These values are a generality, comparing your home with other homes in your area that may have sold in the previous year along with any updates or improvements done to the property, that the BC Assessment Authority is aware of. These values are not market value for the property, but are actually values from July of the previous year and do not take current market conditions into consideration. The assessed value and market value can be close or far apart, but on many occasion the assessment authority may not be aware of upgrades or additions that have been done to the property over the past year or two. It is a snapshot in time. For more accurate indication of the current market value of your property you may wish to contact a real estate agent to provide a comparative market evaluation or a bank appraiser for an appraisal to determine value.
For more information on the your BC Assessed value watch the video below by Sarah West and click here to enter the BC E-value Website. On the website you can enter your address to look up the assessed value. In the coming days you will also receive it in the mail.
In the end if you are not satisfied with your value and think it may be too high (The higher it is the more property taxes you may owe) or too low you have until the end of January to appeal. Again this information can be found on the BC Assessment website or in the notice you will receive in the mail this week.
If you have any further questions about assessments or the value of your home please do not hesitate to give us a call or send us an email
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