Bringing you important insight to our real estate market, driven by years of experience and proven success in any market.
BC Assessments are a HUGE distraction
Before you ask about your BC Property Assessment, keep in mind… BC Assessments are a HUGE Distraction
As a homeowner, you may have experienced a rollercoaster of emotions while receiving your annual property assessment. Though widely believed to reflect the state of the real estate market, the truth is that BC property assessments very rarely provide an accurate measure of your home’s market value.
With over 2 million properties assessed annually and only 650 assessors employed by BC Assessment, it’s no surprise that the process may lack precision. On average, each assessor is responsible for reviewing over 3,000 properties, which leaves little time to consider unique features or conditions that could impact a property’s value.
Furthermore, BC Assessment data is often collected in the previous year and issued on July 1st of the current year, making it outdated in rapidly changing markets. Additionally, assessments are based on broad averages and trends rather than individual property visits, which means current market conditions like inventory levels and market dynamics are not taken into account.
So, what can you do to determine the true market value of your property? Real estate experts and appraisers use a comparative market evaluation that takes into consideration all aspects of your property to determine the best listing price. While a real estate agent may use your property’s assessment as a reference point, it’s unlikely that the BC Assessment value will match the valuation of a seasoned professional.
In conclusion, BC property assessments are a tool primarily used for municipal taxation purposes, not an accurate reflection of market value. To get a true understanding of your property’s value, it’s best to seek the help of a knowledgeable real estate professional.
