BC Assessment, not the City, annually evaluates properties to determine their assessed value for property taxation purposes. BC Assessment uses market value to determine property values as it is widely considered to be the fairest system for distributing the property tax burden. BC Assessment has mailed the 2017 property assessments to BC homeowners, and many will see increases of 30 to 50 per cent. However, an increase in assessed value does not necessarily translate into an increase in your property taxes. This video will explain how your property taxes will be determined based on annual changes in assessed values.
Do you want to know how BC Assessment assesses your property? BC Assessment, a Provincial agency, has produced this video to help homeowners understand the process. If you don’t agree with BC Assessment’s determination of your property value, or if you would like more information on how to challenge the evaluation, please visit the BC assessment website . Remember, there is a deadline of January 31 to file an appeal with BC Assessment.
Changes in assessed values also have an impact on the Home Owner Grant (HOG) program. The Province has increased the homeowner grant threshold in light of the increased assessments. The HOG is reduced on properties with assessed values greater than $1.6 Million, up from $1.2 Million last year. For every $1,000 of assessed value above the new threshold of $1.6 Million, the HOG will be reduced by $5. Read the announcement here.
Last updated: 11/01/2017 8:07:16 AM