Assessed Value vs. Market Value
How does BC Assessment Determine Property Values?
- The location of the home
- The size of the home
- The size of the lot
- The age of the home
- Miscellaneous features that can affect the home's value
- Comparable sales prices and other real estate market information
Information is collected through a comprehensive approach from a variety of sources for accuracy such as: building permits, land titles office, real estate transactions, property owner initiated updates, request sent to property owners, visits to properties, aerial and street front imagery.
The value of your property may have changed if you have:
- Renovated recently ie. replaced kitchen cabinets
- Added any new buildings to your property ie. garage or storage shed
- Completed any additions to your home ie. a new bedroom
- Finished the basement and/or a secondary suite
BC Assessment determines the market value of properties as of July 1st each year and sends an assessment notice with this info to the property owners in January. Tax authorities then apply a tax rate to the value accordingly and send the owners a tax notice in the Spring. An increase/decrease in your assessment doesn't necessarily mean an increase/decrease in your property taxes.
The valuation of a property is subject to checks and balances in the form of legislated review and appeal procedures.
Click the map below view the trends in your own neighbourhood with this interactive mapping tool:
The purpose of property assessments
Learn about the principles of property assessment through
this animation: https://youtu.be/ySzljb4I-gY
Assessed value should be the same as market value, but it seldom is. Tax assessors are basing their values on the previous year and it may not align with a rapidly changing market.
Market Value is always changing based on supply and demand. Its important to remember that market value isn't based on what you will pay or what you value but rather what the buying population is willing to pay.
“Homeowners across Vancouver Island can generally expect about 10% to 20% rise in assessment values with a few exceptions," says Vancouver Island Deputy Assessor Jodie MacLennan. “While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher."
Overall, Vancouver Island's total assessments increased from $342 billion in 2022 to almost $386 billion this year. Approximately $4.78 billion of the region's updated assessments are from new construction, subdivisions and the rezoning of properties.
As a Realtor® I combine personal first hand knowledge of properties in your area, with the market analysis data from the MLS® to compare your property with similar properties that have recently sold. I have years of experience and expertise sided with a solid understanding of the current market conditions and trends which I use to establish the current market value of your home.
If you are thinking of selling, you can contact me directly to determine the market value of your property at:
Leave A Comment