We have received many calls every year regarding assessment values. Let’s review a few quick facts: BC Assessment sent home owners their 2019 assessment notices a couple weeks back, which reflect a mostly computer-generated figure “value” as of July 1, 2018 (in other words by the time you can access the info online or get it in the mail, it is 6 months old); furthermore this value from July 1st of 2018, is based on the property condition as of October 31, 2017 so as you can gather looking at these dates, these figures are just a “Ballpark” for tax purposes and very out-dated at best. This is in contrast to a formal market value appraisal done by a Realtor or appraiser using recent sales (where ready, willing, and able buyers made a purchase of similar properties) taking into account current physical details of the property, market, etc.
Many people are concerned about their decrease in assessed value, and some with the increase in assessed value. Many assume that just because your assessed value goes up so will your taxes. Rest assured this is not necessarily the case. The City of Vancouver calculates your annual taxes by dividing their annual budget by the total assessed value of all the properties in Vancouver (the mill rate) and multiplying this factor by your assessed value. So, if all the assessments are up (across the board) your taxes should not change. Your taxes will change, however, with City Hall’s new Budget (that’s what you should be scrutinizing – not the assessments). If the budget is up, and your assessed value is up, your taxes will likely go up. Or, if by chance, your assessment has jumped above your neighbours because of a renovation, then your taxes will go up accordingly.
Fun fact: Total value of real estate on the 2019 BC assessment roll is $1.99 trillion, an increase of 7.45 percent from 2018.
Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. The deadline to appeal your assessment is January 31, 2019. For more info visit the BC Assessment site at www.bcassessment.ca