GREGtalks…about your Annual BC Assessment Notice vs. Market Value.

First up, let’s talk about some numbers:

  • 2,000,000. The number of properties that are assessed annually by BC Assessment.
  • 650. The number of people that are employed to provide property assessments. 
  • 3,076 The average number of properties that one assessor has to review to provide an accurate reflection of what each of your investments is worth.

Exactly how accurate do you think these assessments are to accurately provide the best market value for your home or investment property?

The answer is, not very!!

In order to accurately identify the true market value of your property, many details need to be considered, and should be included in your annual assessment. 

However due to the sheer volume of properties and the small amount of dedicated BC Assessment personnel, these details do not factor in the annual notice that you receive.  

Market value is the estimated amount active buyers would currently be willing to pay for your home or investment property.

To determine the true market value, the Green Real Estate Group looks at your property in its entirety to determine the best listing price. And we ask the questions that BC Assessment doesn’t.

As realtors, it is our job to listen to our clients who are in the market to purchase a property in South Okanagan. 

Conversely, it is our job to highlight the features of your property that you are looking to sell. 

We know for a fact that BC Assessment does not know:

  1. How open and bright the layout of your home is, perhaps despite the perception of it being small from the exterior.
  2. That since you bought your home, your neighbour’s trees have grown so high you can’t see the lake anymore. For some, this is a positive as it gives more privacy. Yet for others that were seeking a lake view, it is now viewed as a negative. Or
  3. That you are you located  under a power line?

And even if  BC Assessment did assess your property’s market value correctly, is the real estate market the same now as it was on July 1, 2019? 

These are just a few of the details that are considered when you have a professional do a market evaluation for your home. 

So the long and short, is that we don’t want you to put too much stock into your assessment one way or another! 

Good Talk!