What Does Your Property Assessment Mean?

(October 11, 2011 )

During the Beginning of the year, homeowners will receive their BC Assessments in the mail.  The question in most people's mind:  "Is this what my home is worth?"  The answer is "probably not."  Historically, the BC Assessments have been lower than the property's actual market values.  Though it would be a mistake to assume this is always the case.  Here's why...

First of all, keep in mind that the assessment is based on your property's value as of August of last year, and not the current value.  This assessed value will be used as the basis of what your property taxes will be for the present year.  However, for Vancouver's real estate market, you can expect the value in your home to have changed after 4 or 5 months. 

Secondly, when the assessment was completed, the interior of your home was not inspected.  This can severally underestimate or overstate the true market value.  Consider the extreme examples of a home that have undergone extensive renovations, versus a home that was neglected and in need of major repairs.  For these reasons and more, please understand that your BC Assessment is not the best tool in determining your home's value.  Our team can provide you a FREE Home evaluation to determine how we can get you the best possible price for your home.

Simply complete our listing form & we will provide you a FREE Home evaluation.