BC Property Assessments: 

 

 

 2009 BC Property Assessments 

 

Most BC residential properties have devalued in the past year and many of those being sold are already selling below the 2008 tax assessed value. 

 

The BC assessment of properties will normally reflect market values effective July 1 of the preceding year.  Each year, more than 98% of BC's 1.8 million property owners accept their assessment as provided by BC Assessment and do not file a formal complaint (appeal).

 

To curb a rash of property tax appeals, on November 1st the provincial government announced it will maintain assessed property values for the 2009 assessment roll at the July 1, 2007 valuation date (2008 assessment roll) to give property owners more certainty in response to the downturn in the real estate market.  Residential property assessments will reflect actual value calculated at either July 1, 2007 or July 1, 2008 valuation date, whichever is lower.

 

This coming year it is important for all property owners to determine if the assessment information is correct and if the value represents a fair estimate of a property's market value on July 1st of 2007 or 2008.  Market value is the value at which your property could potentially have sold for on July 1 last year, given a willing buyer and a willing seller in an arms-length transaction.

 

If you think your property is assessed too high, then you need to acquire the relevant property assessment or sales information that supports this position.  All rights to appeal will remain unchanged when receiving 2009 tax assessment notices in early January, but since January 31 falls on a weekend, appeals will be accepted until midnight PST on Monday February 2, 2009. 

 

Property owners can obtain sales information from BC Assessment, Realtors, and the local Multiple Listing Service. Homeowners can visit BC Assessment's e-valueBC web page to gain access to property assessment information from January to mid-March and/or receive information in paper form from assessment offices, most libraries, municipal halls and government agents' offices.  The e-valueBC service allows property owners to compare their assessment and any applicable sales to other homes in their area.

 

According to page 17 of the Property Assessment Complaint Process, "If you have a recent property appraisal available to you, then you can include it as part of your evidence. If you do not have an independent appraisal, you may choose to obtain one; however, independent appraisals can be expensive and may not be essential to your case". 

 

BC Assessment identifies ownership and tax liability for all properties, classifies their use and estimates their actual values. A total of 1,854,009 properties in BC were valued for the 2009 Assessment Roll, compared to 1,820,044 on the 2008 Roll.

 

 

 BC Homeowner Grant Increases 

 

January 12, 2007 - The new homeowner grant threshold has been increased from $780,000 to $950,000 assessed property value. 

 

February 21, 2006 - BC Budget provides some property tax relief to homeowners.

 

Highlights:

  • Homeowner grant increased from $470.00 to $570.00
  • Full grant threshold is increased from $685,000.00 to $780,000.00 (assessed property values) *
  • The grant is reduced by $5 for every $1,000 assessed value over the $780,000 threshold   
  • The grant is eliminated on homes assessed at $894,000 or more *

 * Increased in 2007 (see above)

 

 Increased Property Assessments 

 

Has your property assessment increased? Concerned you will have to pay more property taxes?

 

Increased property assessments does not necessarily mean increased property taxes. Taxing authorities (provincial and municipal governments) use a property's assessed value as the basis for determining the amount of municipal and provincial property taxes owners will pay. This is referred to as the "mill rate." In simple terms, the mill rate is the number of dollars needed by provincial and municipal governments divided by all the property values.

 

Three factors that could impact your property taxes:

  1. Have more buildings been built in your community and as a result there are more taxpayers to share the costs?
  2. Provincial and municipal costs; have they increased and if so, by how much?
  3. Has your property assessment increased the same, lower or higher than the provincial average? 

The answer to these questions will determine the likely effect to your property tax bill.   

 

Here are some to things to consider about property taxes: 

 

If you are concerned about paying an one lump sum payment, consider spreading the costs throughout the year within your mortgage. Contact your mortgage lender for more information. Note: Not all mortgage lenders provide this option.  

 

Do you qualify for a Home Owner Grant?      

 

If you are 60 years of age or older, or a surviving spouse or a person with disabilities, you may qualify for a deferred property tax payment. The deferred payment(s) plus simple interest will be due upon the sale of your home.    

 

Disagree with your property assessment? First contact your local BC Assessment office before January 31st.    

If you still disagree with the assessment you may request an independent review before a Property Assessment Review Panel. This request must be delivered in writing to BC Assessment no later than January 31st.    

 

BC Assessment - Frequently Asked Questions

 

 

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