How Property Assessments Are Calculated in BC
Property assessments are performed by BC Assessment, which is an organization that develops and maintains property assessments throughout the province, according to the Assessment Act. Each year, they complete property assessments for over two million properties across the province. These assessments are then mailed to property owners and provide a basis for calculating property taxes.
Property values are assessed as of July 1 of the previous year, and notices are sent to property owners in January every year. The factors that are considered include:
- Use
- Location
- Cost
- Replacement cost
- Revenue or rental value
- Selling price of land and improvements and comparable land
- Improvements, economic and functional obsolescence
Current supply and demand conditions are also considered in the assessment values. For more details on how BC Assessment completes their property assessments, check out their website here. Understanding how your property assessment is calculated is a great first step. Understanding how the value of your property fits into your overall financial plan is where professional advice can make a difference. Our team is here to help, contact us to learn more.
