Property assessments for 2020 will be released on January 2, the same time they are every year.
There’s a couple of things you should know about your property assessment:
• It is based on evaluation as of July 1, 2019.
• You will be notified of your new assessment if it is “changing significantly more than the average change” from 2019.
The next monthly newsletter — News From Nexus — will be released the same week as the assessments, so sign up now and check then for more intelligence about assessments’ impact on real estate.
The preliminary assessment figures for 2020 were released this week — they are subject to change when confirmed information is finalized.
The indication is that changes will be modest and, in many cases, lower than 2019.
In Vancouver in general and the North Shore specifically, for example, BC Assessment projects that single-family homes assessments will go down by 10 to 15 per cent, and that “strata homes” assessments could remain the same or drop by up to 15 per cent.
Those ranges of percentages apply to most of the Lower Mainland.
Again, the cut-off date for assessing properties is six months ago.
“When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value,” BC Assessments’ Tina Ireland said in a press release. “Our job is to make sure your assessment is fair and accurate as compared to your neighbours.”