Property Assessment Notices
One common question people have around property assessments is “Why is my assessed value so different from what property is selling for in the area?”
Your BC Assessment is an estimate of a property’s value as of July the year before. A real estate agent will use current information from recent sales in the area, usually data is no more than 6 months old. A difference of a few months can mean a difference of several thousands of dollars.
For newer properties the gap between assessed value and market value is usually quite small. This is because appraisers are sent onsite to appraise the value of new homes. BC Assessment does not send out appraisers for all properties, instead they use a database of information known as a mass appraisal system to arrive at an assessed value.
If you feel your assessed value is too high, you can appeal the assessment until the end of January. The appeal process is as follows:
Your BC Assessment is an estimate of a property’s value as of July the year before. A real estate agent will use current information from recent sales in the area, usually data is no more than 6 months old. A difference of a few months can mean a difference of several thousands of dollars.
For newer properties the gap between assessed value and market value is usually quite small. This is because appraisers are sent onsite to appraise the value of new homes. BC Assessment does not send out appraisers for all properties, instead they use a database of information known as a mass appraisal system to arrive at an assessed value.
If you feel your assessed value is too high, you can appeal the assessment until the end of January. The appeal process is as follows:
- Check your assessment and review all of the information.
- Check online at www.bcassessment.bc.ca to compare your assessment with that of your neighbours. BC Assessment will keep these values online from January to March every year.
- Contact the assessment office listed on your assessment and ask for an explanation.
- If you still not agree with the explanation you can request a review in writing. Include your assessment roll number, the property description (address and legal description), your full name, mailing address, daytime phone number and a statement about whether or not you own the property. Alternatively you can complete an online request for a review at www.bcassessment.bc.ca.
- When your request has been received you will be sent a hearing notice letting you know when to appear before your local Property Assessment Review Panel. Ultimately you will need to prove that your assessment is inaccurate. For information on how to prepare you can visit www.sbr.gov.bc.ca/parp.
- If you still disagree with the review panel’s decision, you can appeal to the Property Assessment Appeal Board by April 30. For more information visit www.assessmentappeal.bc.ca.
