Understanding Your Current Market Property Value
Want to know what the value of your home is?
In British Columbia, homeowners often go to the BC Assessment web page and get the latest assessed valuation.
B.C. Assessment information however, is strictly a base for real property taxation, although it is commonly misconstrued as the current market value.
BC Assessment is a provincial Crown corporation that assesses all properties and sends an Assessment Notice in January each year to all property owners, informing them of a property valuation as of the previous July 1.
An appraiser takes into account location, size, age, topography, shape, overall condition, replacement cost, rental income, and sales of comparable properties in the area, as well as any other factor to see this particular property value potential. New (older than 1 year may not necessarily be considered new) and tasteful renovations with good quality materials and finishing, might also be considered. I’m uncertain as to whether an assessor from BC Assessment uses the same criteria or not, but I don’t believe so.
Your property tax assessment does not however provide an answer to the main question of property owners, “What is the current value of my property?”
The current market value is the most probable price of a property between a willing purchaser and seller based upon the most recent comparable sales in an open market, among similar properties, and within a given neighbourhood. Generally speaking, comparison could happen between similar sold properties, or using cost plus methods for inactive area; or using a subjective pricing method for a property with unique features.
If you want to know the current market value of your home then contact a hyper-local realtor who knows your area well, and is trained in preparing a comparative market analysis (CMA).
With all of the things that have been going on in the Tri-cities with OCP’s and transit expansion, you might want to make sure that your property assessment reasonably reflects the value. Here is the link to appeal if you believe there is a discrepancy.
If you’re a landowner within an 800 meter radius of one of the planned Evergreen Line stations then the chances are you have already been approached by parties of interest. Please be careful, and if you are thinking of talking to someone, first make sure you have someone knowledgeable representing you.
If you have any questions on the current value of local residential properties then please feel free to give me a call: 778.878.0778, or send me an email.