The Purpose of 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 and classifies and values each property in British Columbia. In other words, the BC Government is legally required to know the value of all the properties within the Province. However, it does not directly affect your property taxes.
How Are Properties Assessed?
The Assessment Process
The following four steps provide an overview of the Assessment Process. Most of this information was provided courtesy of BC Assessment. Their website is detailed and is worth looking at. Click the link to check the BC Assessed value of your neighbor’s property.
1) Information Collected
Information is collected and analyzed by BC Assessment appraisers for all the properties in British Columbia. Most often, this information collection occurs when properties are created/constructed. The following information is also used to determine any change in your property’s assessment in Whistler:
- Building permits
- Land titles office
- Real estate transactions
- Property owner initiated updates
- Requests sent to property owners
- A visit to the property
- Aerial and street-front imagery
2) Information Analysis
Property sales are analyzed by BC Assessment appraisers to understand the property market as of July 1st of each year. The new market information is used to set the new assessments.
3) Create and Deliver Assessment Notices
Assessment notices are created and then mailed to all property owners on December 31 each year. However, the assessment is now 6 months out of date as the analysis was determined as of July 1st.
4) Appeal Your Property Assessment
The deadline is January 31st to appeal the assessment for property owners wishing to request an independent review of their assessment must file a written notice of complaint with the assessor by this date. If you are planning on this, start the process early.
Understanding Assessment vs Property Taxes
You might think your property assessment has an impact on your annual property taxes, but they don’t. In reality, how much your property taxes go up or down depends on whether the RMOW passed a budget with higher taxes and whether the value of your home went up or down in comparison to your neighbors.
Using BC Assessment Values to Determine Market Value
Typically, Buyers and Sellers use BC Assessment values to quantify Market Value. If a realtor is offering this analysis, it should be used cautiously. BC Assessment can be used as a benchmark. However, this data must be used in conjunction with many other factors such as supply and demand, Whistler market conditions, and future development in the segment and area of interest. In other words, the BC Assessment is a snapshot taken as of July 1st of the previous year and does not reflect the changes in the market conditions.
Whistler Property Taxes
Read the blog on How are Whistler Property Taxes Calculated? for an understanding on what your annual property taxes cover.
Next Steps
Marion Anderson Personal Real Estate Corporation
marion@WhistlerSkiinSkiout.com (604) 938-3885