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BC Assessment sent approximately 1,954,445 assessment notices to British Columbia property owners on December 31, 2013. Everyone should have received it by today January 6, 2014.
Your property taxes are calculated on the assessed value, so it is important to review it and even compare it to other properties for accuracy. The BC Assessment website has many tools to assist you, including looking up your neighbors assessed values. Do not delay, as the deadline to file a complaint / appeal is January 31, 2014.
Fast Facts on B.C. Property Assessments and 2014 Assessment Roll
- Total number of properties on the 2014 roll is 1,954,445, an approximate 1% increase from 2013.
- Total value of real estate on the 2014 roll is $1,141,848,449,910, a 1.35% increase from 2013.
- Total amount of ‘non-market change’, including new construction and development: approximately $17.54 billion, an increase of 5.38% from the 2013 roll of $16.64 billion.
- In B.C., approx. 87.7% of all properties are classified with some residential (Class 1) component. This equates to over $864 billion of the value on the total provincial roll.
- Over 98% of property owners accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property’s market value as of July 1, 2013 and physical condition as of October 31, 2013. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province, including the public school system.
What is BC Assessment?
BC Assessment’s business is to provide a stable and predictable base for real property taxation in British Columbia. The corporation determines ownership and tax liability, classifies and values each property in British Columbia. To meet its goal, BC Assessment completes an Assessment Roll every December 31.
BC Assessment mails individual Assessment Notices, with entries recorded from the Assessment Roll, to all property owners in the province. Once audited and authenticated by the Property Assessment Review Panel, BC Assessment presents the Assessment Roll to various tax jurisdictions: municipal governments, regional districts and the Ministries of Education and Health. The Assessment Roll is used by tax jurisdictions to form the basis of their Tax Rolls. Tax jurisdictions set tax rates for each of the nine property classes.
BC Assessment maintains an extensive and up-to-date information database on all properties in British Columbia. Public access to this electronic database is available through BC OnLine. For a fee, BC Assessment will also produce custom information reports.
BC Assessment provides accurate property and value information to:
- tax authorities;
- property owners;
- municipal, provincial and federal government agencies;
- realtors, appraisers, lawyers, bankers, title search companies;
- other private and public agencies.