Market Value vs. BC Assessment Value...
What's the Diff??
Your BC Property Assessment is the valuation on which your property taxes are based. You'll receive your local tax notice in June each year. The assessments are mailed out at year end and property owners must realize that annual assessments can only be appealed before January 31st.
Typically, there's a difference between the property value assessment on the assessment notice and the market value determined by a professional REALTOR®. Home owners often want to know what the difference is.
Your assessment notice is BCA’s estimate of a property’s market value as of July 1st of any given year. BCA has a database of 1.8 million properties. When a new property is created through zoning or construction, or an existing property changes, a BCA appraiser visits the site and reviews lot size, structure and other factors including whether the property is on a quiet street with backyard lanes or on a busy boulevard.
BCA appraisers don't visit each existing property annually to update the database. Instead, they use what is called a mass appraisal system, calculating values by evaluating prices for homes sold in each neighbourhood, or of similar units in a strata complex as of July 1st and then applying the information to arrive at an assessed value. BCA analyzes a range of factors for each property including house type, square footage, age, heating, and even outbuildings such as garages, sheds and gazebos, as well as pools and spas.
A REALTOR'S® market value assessment is typically current. In our active local market, six months can mean thousands or even tens of thousands of dollars difference!
I'll determine the value of your property by scrutinizing the most recent comparable data for homes sold in your neighbourhood on the MLS®. I'll also examine the exterior and interior of your property in detail, noting alterations and major renovations, such as new kitchens or bathrooms that affect the value of your home. I'll also take into account view lines, architectural styles and landscaping.
Where every lot and every home on the street are generally the same, both BCA’s value and a professional REALTOR’S® value will be similar, assuming a stable market. Differences will likely occur in neighbourhoods where every lot on every street is different, every home’s architecture is unique and every view is distinct. Differences also occur when property owners make changes such as renovations that BCA does not know about. For more information from BCA, visit www.bcassessment.bc.ca.
If you're considering selling your home, I'd be happy to give you a current Market Analysis for your property so you can expect the best price in today's real estate market. Call me at (604) 724-4278 to arrange a consultation.