The assessed value of your property in British Columbia, as determined by BC Assessment, is an estimate of its market value as of July 1 of the previous year.

BC Assessment uses a mass appraisal system, considering factors such as property size, age, location, and recent sales of comparable properties. However, it's important to note that the assessed value may not always align perfectly with the current market value of your property.

Several factors can contribute to discrepancies between assessed values and actual market values:

1. Timing: The assessed value is based on market conditions as of July 1 of the previous year, and the real estate market can change over time.
2. Unique Features: If your property has unique features that are not adequately captured in the mass appraisal system, the assessed value may not fully reflect these aspects.
3. Renovations or Damage: Changes to your property, such as renovations or damage, may not be accurately reflected in the assessed value until the next assessment period.
4. Market Dynamics: Local real estate market conditions, such as increased demand or limited supply, can affect actual market values, and these conditions may not be fully captured in the assessed value.
5. Assessment Methodology: BC Assessment uses a mass appraisal system, which means that individual property characteristics may not be as thoroughly considered as they would be in a specific property appraisal.

Keep in mind that while BC Assessment values are used for property tax purposes, they may not necessarily reflect the price your property would fetch in the current real estate market.

***For a more accurate estimate of your property's current market value, call us for a COMPLIMENTARY evaluation of your home.***

Lara + Leanne
Real Estate Professionals