2023 Property Assessments are now available.

[Aquaholic]

The property assessments for BC are now available. Use the link and type in your address. A reminder that these are assessed values, they are from July of 2022, and do not reflect what your market value currently is.

BC Assessment - Independent, uniform and efficient property assessment

BC Assessment provides current actual value assessments for tax purposes on all properties in British Columbia and provides expertise in real estate data, mass appraisal systems and management.

www.bcassessment.ca

A bank will not use your BC assessment value to value your home without using an appraiser. This is why they send an appraiser around for a purchase, refinance, or line of credit. Land Title will use the current assessed value, and it's when something gets changed on the title such as adding an owner or a spouse passing away, as it is just for reference on the day.

 

[scott craven]

Interesting, ours up $200k in spite of everything the government is doing to cap real estate prices

 

[Corey_lax]

It’s based on last summer when things were at its peak

Interesting, ours up $200k in spite of everything the government is doing to cap real estate prices

 

[scott craven]

It’s based on last summer when things were at its peak

I know. Maximum taxation on a declining market.

 

[wildmanyeah]

ours went up 20k

 

[terrin]

I know. Maximum taxation on a declining market.

They will just adjust the mill rate when it comes time to reflect the declining market value so they can maintain and likely raise your taxes even though your house is worth many thousands of dollars less.
The swamp always comes out on top.

 

[Unreel]

Pretty insane to see a lot of properties doubling or more in the last 2-3 years alone. Not only that, but people were willing to pay the absurd prices.

 

[banger17]

It’s based on last summer when things were at its peak

Feb and March were the peak, if I am not mistaken. Ours up to $1.1M in Nanaimo and that’s a bit ambitious to say the least!

 

[Kiwi Canuck]

Ours went up over $300K, for this year.

I've challenged the assessment value a few times and had it reduced but they just jack it up the next year or the one after, so it's hardly worth the effort.


David.

 

[baddogg]

Mine is up $380,000 over last year. Acreage in Lantzville. Insane

 

[Bill 310]

Ours went up over $300K, for this year.

I've challenged the assessment value a few times and had it reduced but they just jack it up the next year or the one after, so it's hardly worth the effort.


David.

I have found it to be the same process. Once I retire I will be able to devote more of my energy towards appealing which I think has a lot of "what about this number mathematics" in it.

My wife thinks it will be a useful expenditure of my time, but then she feels that way when I have any "project" that keeps my OCD /ADHD brain occupied . I am pretty certain that BC Assessment will not agree with my wife once I start in on the FOI requests.

 

[IronNoggin]

Up $ 18 K over last year.

I guess our successful Appeal last year spooked them somewhat as this is the smallest increase we've ever seen...

Cheers,
Nog

 

[Gear'n'beer!]

Ours went up over $300K, for this year.

I've challenged the assessment value a few times and had it reduced but they just jack it up the next year or the one after, so it's hardly worth the effort.


David.

I have also been down this route with the same results…..my primary res went up 100k which I’m ok with but our rental went up 150k which is complete bs for that place.

 

[Bill 310]

Well I see that this year they have reclassified our single family home as a condo. I also note that when you win an appeal the houses that they provide as comparable homes in their example of what market price is are changed to more expensive homes the next year.

 

[IronNoggin]

I also note that when you win an appeal the houses that they provide as comparable homes in their example of what market price is are changed to more expensive homes the next year.

We saw the exact opposite of that here.

Cheers

 

[Bill 310]

We saw the exact opposite of that here.

Cheers

and that makes complete sense. I was surprised the first year I wen to the appeals board the person arguing for the stated value, and why our comparable were not comparable was the person BC Assessment had put on our file to help me understanding how to construct an appeal.

It had been and interesting process, with the BC assessment staffer being so helpful.

Interestingly, enough we won our appeal and had a substantial reduction. I always wondered if my "on the fly" opening statement to the 3 person committee where I expressed my concern that the BC Assessment Staff had not disclosed their conflict and were not in fact "helping me with my appeal" but rather using my questions and work to prepare in advance their arguments why my appeal should be refused.

Another thing that "puzzles me" is how the comparable properties used to set values change year over year when the prior year's comparable homes haven't sold, but have gone up at the average rate or less.

 

[sly_karma]

The information most important to you is your assessment compared to the municipal average, that is what will drive your property tax bill. If your place went up 15%, and the local government area's average value went up only 7%, then your bottom line tax amount increases. You may of course see the reverse of that if your percentage change is lower than the municipal average. One can only hope!

 

[Bill 310]

The tax rates proposed in the 2018 COPE platform will, I expect, slowly start to gain traction

We have marginal tax rates on personal income and house prices at some point need to be part of the equation of whether or not one qualifies for the property tax deferral.

Tax the Rich and Speculators

www.copevancouver.ca

The other thing that I struggle with is how when I reach a certain age I can defer my property taxes non matter what my income is.

Now I understand that I have interest charges accumulate on my property taxes owing and there are justifiable reasons for the deferral, however , it would not be a difficult position to defend that there is a family income test that needs to be met in order to allow the deferral.

As I understand it the deferral process allows people who live in a paid for house and yet have limited retirement income to get some temporary and deferred relief on their property taxes.

A person who is earning 300K in retirement should not be eligible to defer their taxes, of course the proof of income test might also create some other issues.

Nobody wants to force the typical sweet 90 year old widow out of her home in kits she and her husband bought 60 years ago, but at the same time her Neighbour who is 68 and pulling in a million a year should be paying their property taxes when they are due.. They don't need a deferral.

 

[Corey_lax]

Our townhouse went up 15%, and our house went up 9%. Weird that the townhouse went up so much. Our assesment of the house is only 10% higher than the townhouse, both in the same city, and our house is on a decent sized 8400 sq ft lot. I expected the house to be a lot higher than the townhouse.

The other weird thing I noticed is that our land value at the end of the street is $100,000 lower than all the other houses on the street. Our lots are all the same size, but we are the end of the street. This is consistent with the streets that run parallel to us. I'm not sure why the land on the end of the street would be $100,000 less.

 

[Aquaholic]

An increase in your assessed value it does not automatically mean your taxes are going to jump up a proportionate amount. One thing I would caution about challenging your assessment is what if an agreement can’t be reached….would they send an appraiser by? and if you have done any work without permits, that will get added to your dwelling value and then your taxes would definitely go up. Every year BC assessment combs the city records where you reside and looks for building permits with values attached to them. If you have done a huge renovation without permits, and City Hall does not know about it, BC assessment does not know either, but they will be able to see the improvements if they send someone in person. Then you can count on an increase in your dwelling value on your assessment.