Property owners should have received their 2014 assessment notices the first week of January from BC Assessment (BCA). This notice is BC Assessment’s estimate of a property’s value as of July 1, 2013. The local and provincial taxing authorities use these estimates to raise more than $6.2 billion in property taxes each year.
Both BCA assessors and REALTORS® calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location (such as on a busy or quiet street), number of bedrooms, construction quality, floor level, and garage or parking stalls. Differences in value occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.
Thinking about selling this year? Is your assessment lower than you think it should be?
Property owners who want to appeal must complete a Notice of Complaint (Appeal) form and file it by January 31, 2014. Visitwww.bcassessment.ca and under the "For Public" menu option, select Notice of Complaint (Appeal) Process.
Feel free to call me if you have any questions or want more information.