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