It’s that time of the year again! As of January 1st you could’ve found out your 2023 BC property tax assessment. Many of you will probably find the numbers a bit inflated.
“Homeowners across Vancouver Island can generally expect about a 10% to 20% rise in assessment values with a few exceptions," says Vancouver Island Deputy Assessor Jodie MacLennan. While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher.
WHAT IS ASSESSED VALUE? The assessment authority provides values that are determined in July of 2022. Its sole purpose is to help the municipality determine the amount of property taxes homeowners will have to pay during the year. A common misconception is that a big jump in your home’s assessment directly translates into higher property taxes. If your property’s assessment change is similar to the average change for your property class, your property taxes will likely remain the same.
WHAT IS MARKET VALUE? A realtor will pull recent comparable sales in order to determine the market value of your property. Ultimately, a market value is determined by what a buyer is willing to pay for your home, and what the seller is willing to accept.
If you’re curious about what your home could sell for in the current market or want a recommendation for a listing price, then reach out for a FREE market evaluation, no pressure and no obligation.