Is Assessed Value Equal to Market Value?
BC Assessment do mass appraisal with a valuation date of the previous July 1st. The value on the 2015 assessment roll reflects the value at July 1, 2014 for example.
There are several reasons why a property could sell for more or less in February following the valuation date, than the assessment.
- The market could have changed since the previous July
- Mass appraisal does not always consider particular features of a property and can be an average value within an area
- BCA may not be aware of changes made to the property over the last few years
- BCA determines values that are based upon economic rent and hence the actual subject income stream could be different
- BCA use expense ratios that may not reflect actual costs for a property
- Appraiser’s opinions of value can vary significantly. BCA’s value is only one appraisers opinion
- Value may be less than market as it has to be equitable with its neighbours
Should I Appeal?
- Is Your Property Assessment Correct?
- Are You Paying Too Much Property Tax?
- What Can We Do For You?
- General Assessment Review Guideliness
- Assessment Review Checklist
- 7 Reason Why Landlords and Property Managers Should Review Property Assessments
- What Tenants Ought to Know
- Residential Development Sites
- Is Assessed Value Equal to Market Value?