My friends and clients have asked me about the BC Assessment Statement they have received earlier in January. Please consider the following items when reading your statement.
1) The assessment was done on or before July 1, 2021.
2) Assessed value reflects property’s physical condition and permitted use as of October 31, 2021.
3) The information about properties is collected when permits are pulled from the city in regards to renovations.
4) Comparable home sales in the area are used based on lot size, age of homes, and total finished floor areas.
Not all the assessments are accurate. For example, if the home has been significantly renovated with permits, and the city has not pulled the information out, then the value on improvements may not be reflected on the assessed home value.
If you feel that the assessment is not accurate and would like to appeal. The deadline to file a notice of complaint (appeal) is January 31st, 2022. Check the statement for all the required information in regards to filing an appeal. Website: www.bcassessment.ca
The real estate market across Canada has increased substantially over the last 12 months.
If you would like to know what is the current value of your home or rental property in today’s market, please feel free to contact me by email, text, or phone call. I am here to help.
Eva Li
REMAX Lifetime Achievement Award Recipient
