Residential Assessment – Valuation Principles
- BCA value the house based upon comparables.
- BCA determines land value and subtracts it to get building value.
- The land value is irrelevant if there is building value except in Vancouver.
- In Vancouver the higher the land value the better due to land averaging.
Assessed value in Vancouver is calculated as follows:
Land – Average of last 3 years
Bldg – Current year value
This means the overall increase is reduced.
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