Earlier this month, property assessments were mailed to all British Columbia homeowners. As everyone knows, this can have an impact on the property taxes, but there’s a couple of items about assessments that are sometimes overlooked.
The first is that if you think your assessment is incorrect there is an appeal process – and the deadline is the end of this month: Monday, January 31.
The second is that new assessments are already six months old, because the process determines the notice sent out each January represents the assessed value of your property as of July 1.
To appeal your assessment is straightforward, but it requires a little homework. It’s important to compare the assessed value of your home to your neighbour’s home or a similar home in your neighbourhood. That’s the first step in determining whether there could be a mistake in your assessment.
To appeal your assessment is straightforward, but it requires a little homework. It’s important to compare the assessed value of your home to your neighbour’s home or a similar home in your neighbourhood. That’s the first step in determining whether there could be a mistake in your assessment.
Here’s the link to find the assessment of any home in B.C.: bcassessment.ca/Property/Assessment.
After doing reasonable comparisons, if you think your assessment is wrong, here’s where you can begin the appeal process: bcassessment.ca/appeals.
In addition to residential properties, assessments are calculated and are important for commercial property owners, too. For example, if you’re renting commercial space and your landlord discovers the property assessment is going to result in higher taxes, it’s possible that the renter is going to be expected to pay more every month.
And for both, the date to mark on the calendar is January 31. After that, the assessment definitely is what it is.