2012 BC property assessments in the mail
BC Assessments 2012 property assessments are in the mail and should be arriving at your door step shortly. Find out what you need to know about your property assessment.
Your property assessment is an estimate of its market value as of July 1, 2011 and physical condition as of October 31, 2011. Changes in your assessments are suppose to reflect movement in the local real estate market and can vary greatly from property to property.
When estimating a property's market value, BC Assessment's appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
Is your assessment reasonable?
BC Assessment's website provides a listing of property assessments and sales to help you determine the market value of your property by providing comparable sales information and neighborhood assessments. To see how your region faired, please visit www.bcassessment.ca and click on the e-valueBC link.
Should you appeal?
To establish whether you should appeal, you should determine the market value of your property. In other words, what could you potentially sell your building for? If you think your property is assessed too high, then you need to acquire the relevant property assessment or sales information that supports this position. Property owners can obtain sales information from BC Assessment, Realtors, and the local Multiple Listing Service. Due to the changing economy and the affect on real estate prices you may want to get a collection of say 6 months of data to get ranges.
The Appeal Process: The following link will take you to the process under BC Assessments to appeal, www.bcassessment.bc.ca/public/Pages/AppealingyourAssessment.aspx
The deadline to file a 2012 notice of complaint (appeal) to the Property Assessment Review Panel is January 31.
Need more information, you can always contact your CFIB Business Counsellor at 1-888-234-2232 or msbc@cfib.ca. We are here to help!
