I’ve received a lot of calls about the 2018 Property Assessment Notices and how listing prices and property taxes are affected.
Most Mission, BC property owners will have received their Property Assessment Notices in the mail in January, 2018. If you have not received yours yet, contact the BC Assessment offices.
The BC Assessment (BCA) website states: “The majority of residential home owners within the [Fraser Valley] region can expect an increase, compared to last year’s assessment,” says Assessor Laura Schwagele. “This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single family detached homes.”
DID YOU KNOW? There was a 12% increase in real estate value in BC from 2017 to 2018.
Mission, BC continues to be an attractive market for people wishing to relocate from areas in and around Vancouver to a more reasonably priced community which is still close enough to the city for commuting.
How are Property Assessments calculated?
When assessing your property, BC Assessment strives for accuracy and fairness. Property assessments are based on information gathered on July 1st of every year, and take into account:
- Property location
- Size of home and/or lot
- Age of home
- Features that may affect price
- Comparable sales prices
And the information is gathered from:
- Building permits
- Land title offices
- Real estate transactions
- Area photography and imagery
- Owner reporting
What will be directly affected by your home’s assessed value is the property taxes. You can see how your taxes have changed on your BC Assessment Notice. A municipality bases tax rates on how much money is required to balance its budget. Once BC Assessment has placed a value on homes in that municipality, the tax rate for each home can then be calculated.
BC Assessment also has a helpful YouTube Page to help explain Property Assessments and Property Taxes.
How does Assessed Value compare with Market Value?
Assessed value is generally lower than market value. It does not affect the market value as market value is based on what a buyer would be willing to pay for your home—a figure based primarily on recent comparable sales in the area.
As property assessments are done in July of each year, that assessed value will not match the current market value of your home. The list price (market value) is defined by the time of year, inventory on the market, and your home’s features and improvements which affect pricing.
Assessed value will take time to align with current market value, and that will be reflected in the following year’s assessment.
If you have further questions about property assessments, or wish to know the value of your home, please contact me for a free home evaluation.