2015 Property Assessment Values
The total values have changed from $1,142 billion to $1,206 billion in British Columbia, an increase of 5.3%. In general terms that could result in a decrease in the tax rate, so just because your assessment went up, it does not mean that the taxes will. With no assessment increase, taxes could well go down.
In the lower mainland, the % increase for the following classes are as follows:
|Area||Class 01||Class 05||Class 06|
|8||North Shore and Whistler||6.67%||-1.74%||3.94%|
|11||Richmond and Delta||5.75%||6.28%||9.08%|
|14||Surrey and White Rock||4.85%||5.63%||5.98%|
If your % increase in value is greater than the average, you may be over assessed and an appeal merited. However, it is very important to make sure the assessment is not too low before appealing. BCA can increase values. Nor does no increase mean your assessment is correct, as it may well have been wrong the previous year.
Assessed value often does not equal market value as BC Assessment do mass appraisals that may not have taken the particular features of your property into consideration.
But, of utmost importance, your property assessment needs to be equitable with your neighbour's and that may be below market value.
If you have any questions, or would like us to review your assessments, please call or email.
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?