If you are a property owner in British Columbia, every July 1st you will receive a notice with the assessment information of your property from BC Assessment. We know that understanding what is included in the notice and know how assessment works can be hard, so we will explain you everything below.
How does BC Assessment work?
The business of BC Assessment is providing a predictable and stable base for real property taxation in the province of British Columbia, Canada. They are in charge of the determination of ownership and tax liability and the classification and valuing of each property in B.C. To do so, every December 31 they complete an assessment roll.
They estimate property value as of July 1st each year based on market value, just like law requires. This means that your current assessment notice is based on a value of what your property would have been comparing it to market sales prior July 1st.
Image Source: bcassessment.ca
How is the value of my property determined by BC Assessment?
To determine the assessed value of your property, an appraiser will take into consideration many factors. Some of them are age, size, shape, quality, condition and location of your property. He will also consider the services in the area, like location, neighborhood or views, and supply and demand of properties.
On the assessment roll you will also see reflected certain changes like permitted use, property class, eligibility, occupation for an exemption or in the taxing jurisdiction boundary, or a new inventory or construction.
Who has access to property information?
BC Assessment keeps an extensive information database on all B.C.’s properties that is constantly being updated. Anyone can check this database as public access to it is available online. You can check it by visiting their website and introducing the address information on its search bar. If you need a custom information report, they will also produce it for a fee.
Additionally, property and value information is provided to property owners, tax authorities, realtors, appraisers, lawyers, bankers, title search companies; municipal, provincial and federal government agencies; and other public and private agencies.
BC Assessment Website: https://www.bcassessment.ca
Toll Free Number: 1-866-825-8322
Fax Number: 1-855-995-6209
North America Number of BC Assessment: 604-739-8588