It's that time of year again where everyone in British Columbia will be getting their BC Tax assessments in the mail over the next few days. If you still haven't received yours by the end of next week, you may want to contact the BC assessment office at 1-866-valueBC (1-866-825-8322). You can also check online now at BC assessment where you can find your own BC assessment as well as compare to your neighbours or other homes in the area.
This year's assessments across the province will be considerably higher than last years assessments after the market we went through in 2016. Here in the Fraser Valley owners are expected to see property assessment increases anywhere from ana average of 30% to as high as 50%. South Surrey/White Rock approximately 50% where areas East of Abbotsford on the lower end approximately 30%.
Already we have clients concerned about how high their assessments have increased especially if they purchased early in the year when the market was climbing. With inventory still at an all time low, it hasn't changed all that much in a year and a half. Owners need to remember BC Tax assessments are based on market value as of July 2016. Market values were and are still quite high.
An interesting fact - over 98% of property owners accept their property assessment without proceeding to a formal, independent review of their assessment.
Having trouble trying to figure out how to compare your home with others in your neighbourhood? Click the following link for a how to video: BC assessment e-valueBC - How to Use
For more information on your BC assessment and how to file a complaint visit the following link:
BC assessment
I wrote about this in January 2012 and shared some advice I had received from a colleague that used to work for BC assessment, if you are concerned about your tax assessment it might be worth a read:
BC tax assessments blog January 2012
Just remember if you are considering an appeal you must file your appeal by January 31st, 2017.
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