BC Assessments are Out Now

[IronNoggin]

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

Guess it paid off to challenge them two years back to back.
This year's overall increase is but $ 13 K.
MUCH lower than any year since we acquired the place...

Cheers

 

[Aquaholic]

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

Guess it paid off to challenge them two years back to back.
This year's overall increase is but $ 13 K.
MUCH lower than any year since we acquired the place...

Cheers

If you do decide to sell, the flipside of that is some buyers swear by the assessed value, and if your market value is much higher than your assessed value, it can cause some disagreements in determining what a fair selling price is.

Assess value is like any data set, it could be used to argue for or against something.

 

[N2013]

We’re down 5% in Colwood. My Folks up island in Black Creek were down the same %.

 

[IronNoggin]

If you do decide to sell, the flipside of that is some buyers swear by the assessed value, and if your market value is much higher than your assessed value, it can cause some disagreements in determining what a fair selling price is.

Assess value is like any data set, it could be used to argue for or against something.

We have no intention of ever selling.
And were we to do so, the current market conditions here (and elsewhere) to some extent make your point a little less of a consideration these days.

Point taken. Simply not applicable in our particular case.

Cheers

 

[tubber]

Down 7.2% in Central Okanagan.

 

[Foxsea]

If you do decide to sell, the flipside of that is some buyers swear by the assessed value, and if your market value is much higher than your assessed value, it can cause some disagreements in determining what a fair selling price is.

Assess value is like any data set, it could be used to argue for or against something.

Some might agree that the B.C. Assessment valuations, being algorithmic on existing homes, rarely reflect the actual values. This is especially true in cases such as ours: we recently did substantial upgrades and improvements, not reflected in our assessment. If we were to sell, we would therefore ask considerably more than the assessed value. For now, we are happy to have a lower valuation.

 

[Aquaholic]

Some might agree that the B.C. Assessment valuations, being algorithmic on existing homes, rarely reflect the actual values. This is especially true in cases such as ours: we recently did substantial upgrades and improvements, not reflected in our assessment. If we were to sell, we would therefore ask considerably more than the assessed value. For now, we are happy to have a lower valuation.

This happens often when someone does a renovation where permits are not required, or does not get the required permits, and then the assessed value does not reflect the dwelling value. Remember the values you have now were taken in July of this year so they’re already six months old, and they do bulk assessments where they will do blocks at a time because otherwise it would take them forever to do the assessments.

 

[ab1752]

1% down on the north shore...but assessment value has never been well aligned with purchase pricing around this area at least.

 

[kaelc]

Up 2% in Saanich. Neighbour who passed away and whose home is in probate is up 4% good for the adult kids. If I sell every asset I have I still don’t think I’ll win the ugly duckling bidding war on an amazing property, besides who would want to own more property with the ndp’s grip on things. With interest rates drops being speculated on, either a smart family trading up or a developer is going to pounce on 12,000 sq lot. Good boat/camper parking drive down to the back yard.

 

[Rain City]

Up 1.5% on mine in East Van. Can't wait to see what the new zoning does next year. Barf.

 

[Clint r]

Down 1% in lumby.

 

[SpringVelocity]

Down a bit mid island.

 

[Sea Chaser]

-4% in walnut grove Langley

 

[Stosh]

In View Royal, some are up 2/3% some are down 2/3% on average ~ unless you are on the water, then you‘re up 10%.
I’m sure there will be many appeals
Stosh

 

[Sttr]

-4% in walnut grove Langley

Yup same here neighbour
But up 4% across the freeway in the sardine part of town… go figure

 

[Sea Chaser]

Yup same here neighbour
But up 4% across the freeway in the sardine part of town… go figure

Been a roller coaster the passed 5 years
2020 -5%
2021 +6%
2022 +37%
2023 +13%
2024 -4%
I can’t complain it’s tripled its value in the 11 years since I purchased it .

 

[Foxsea]

In our Comox Valley, the 2023 volume of sales were down, while prices continued to march ever upwards. There are very few listings. With my 50 year history in real estate investing, the forecast is one more year of this market marking time, then another West Coast gold rush in 2025. Canadians ***** and moan while the rest of the World flocks here! Naturally.

 

[Foxsea]

This happens often when someone does a renovation where permits are not required, or does not get the required permits, and then the assessed value does not reflect the dwelling value. Remember the values you have now were taken in July of this year so they’re already six months old, and they do bulk assessments where they will do blocks at a time because otherwise it would take them forever to do the assessments.

6 months old? Another 100K in paper profits! YAY!
Years ago, B.C. Assessors actually visited homes on a regular schedule. Now, it's all "virtual". That's okay by me!

 

[Corey_lax]

Hmmm up 3.6% in PoCo. It's strange that nearby towns went down.

 

[wildmanyeah]

Ours is up 5.4%