You’ve likely got your BC Assessment in the mail and have noticed a significant increase from the previous year and may be wondering how accurately this reflects the current value of your home.
For our market, we are seeing assessments that in many cases are closer to reflecting current market values, however because of the uniqueness of every home, understanding the process and having a personal current evaluation done by a licensed realtor will give you a much more accurate picture of your homes actual value in real time.
BC Assessment determines your properties value for tax purposes but the value showing on your assessment may be outdated or inaccurate because the assessments are based on the sale value of your home on July 1st of the previous year.
The appraisers try to consider all unique characteristics of each property, including:
- The location of the home
- The view from the home
- The size of the home
- The age of the home
- Garages, carports, decks, pool, etc.
- Comparable sales prices
Some factors include:
- Renovations
- A lack of good comparable sold properties in your area
- Interior layout and other intangibles