Property Assessments Decoded~
"Most homeowners around the province can generally expect about a 5 to 15 per cent rise in assessment values when they receive their notices in early January,” says BC Assessment assessor Bryan Murao. “I want to emphasize that assessments are based on July 1 values of this year, meaning that when similar properties were sold up to and around July 1, (JULY 2022) those market value sales are used to calculate your assessed value.”
It is important to note that an increase in a property's assessment value does not necessarily mean an increase in property taxes for homeowners. In most cases, property taxes are only affected if a property's value is above the average value change for the community.
At the same time, the value of some properties may have been affected by the COVID-19 pandemic, and as a result, some assessments may be adjusted to reflect this. Property owners who feel that their assessment does not accurately reflect the value of their property as of July 1st, 2022, can file an appeal by January 31, 2023.
Click here to watch an informational video on Property Assessments.
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