HAPPY NEW YEAR !!
Posted by The Garman Team on
Property tax values are based on a “market value” system. Every year, the market value of each property is determined as of July 1st preceding the tax year. Of course, BC Assessment does not have the capacity to individually assess every property every year. A mass appraisal system allows them to look at prices for homes sold in each neighbourhood and apply the information to their evaluation of all properties in that neighbourhood. If you have concerns with your property’s assessed value, you can contact a Realtor® like us or an independent appraiser for third party thoughts on values. If you believe there is a material difference in value, you can then decide whether to file a formal appeal. The deadline to appeal your assessment is January 31st. Between February 1st and March 15th the Property Assessment Review Panel hears the appeals. As at March 31st, the Review Panel decisions are concluded and the roll values for the taxation year are authenticated. We would be happy to answer any questions you have on your property’s tax assessment!