Helping you understand your 2020 property assessment!
Most homeowners across BC have just received their 2020 Property Assessment Notice in the mail.
Some owners may actually be relieved because they perceive that if their property taxes have gone down that they finally may catch a break. Unfortunately this is not necessarily the case.
The Greater Vancouver area assessments has seen a range of -15% to 0% change in value as of July 1, 2019, the Fraser Valley has seen a range of -15% to +5% change as of July 1, 2019.
“The Lower Mainland residential real estate market continues to see signs of moderation,” says Deputy Assessor Brian Smith. “ Depending on your location and property type, you will experience a different level of change on your 2020 Assessment notice.”
“ It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Deputy Assessor Brian Smith. “ As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
Property tax bills have more to do with each individual municipality’s budget rather than how much your home’s value has gone up or down.
BC Assessment has said that a general rule of thumb is that if your assessment went down and your neighbour’s assessments also dropped, there’s a good chance that you’ll see a reduction in your taxes.
Property assessments may vary by jurisdiction or municipality within the region which include Greater Vancouver, Fraser Valley, Sea to Sky area and Sunshine coast region.
Here are some links that can help you: ·
BC Assessment’s webpage https://www.bcassessment.ca/
Interactive map on market movement for different property classes, market trends and the top 500 valued residential properties: http://bcagis.maps.arcgis.com/apps/MapSeries/index.html?appid=ba3d56fb4c144727896b25989bdf00d2
January 31st, 2020 is the deadline to appeal your BC assessment