Vancouver Property Tax Assessments Have Ups and Downs

Property Tax Assessment

If you are a property owner in British Columbia, yesterday you probably received your property tax ‘notice of assessment’. This is not a bad thing for many people who in the past few years have watched as the values of their properties have escalated to ever higher values.

If you also read your notice carefully you will have noted that the value assessment was established on July 01,2010.

When selling your Vancouver home, the assessment generally does not present a problem – no problem that is, until there is a downward shift in the market.

Shifting Down

It is unusual for a market to maintain a never ending upward incremental pace. Common knowledge attributes the phrase ‘what goes up must come down to Newton’. Property assessments and Newton’s law do not always coincide and there are times when the assessment made 6 months prior may not represent an authentic representation the current or actual market value.

Shifting Problem

For the past few years, Vancouver property assessments were trying to catch up to the often increasing values of the local real estate market. In some areas the values presented on your assessment may reflect a close approximation to today’s market value, invariably in other areas where the market has flattened or decreased, the assessment will be higher than today’s market value.

Selling Problem

If a move is in your near future and you choose to rely on the ‘assessed’ value as the basis for your asking price you may find that you have made a ‘market value’ error. Consider that if your assessment is under present market value, you will be selling yourself short. Alternatively, if your assessment is above current market value your decision to use that value will be creating the deleterious effect of being over priced.

Alternate Solutions

Two possible solutions exist.

  • First you can engage the services of a professional licensed property appraiser who will for a fee, provide you with a value appraisal that will reflect today’s market value.
  • Second, is to engage the services of a licensed Realtor® to provide you with an evaluation of the current market value.

Note: Most incentive based Realtors® continue to offer this service for free. However, as Flat Fee real estate services are now in vogue, expect that you will be required to pay a fee for the Realtor’s® evaluation.

Finding the Bumps

BC Assessment offers this area map upon which you can hover your mouse pointer to see the ups and downs in assessments within different provincial boundaries.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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