The BC Assessment Authority released their assessed values on Whistler properties earlier than anticipated. The assessed values are the source of many wrong decisions that can cost homeowers a lot of money if not properly understood.
I am sure you have many questions that the BC Assessment office has already answered in easy to watch videos. The videos include:
- How BC Assessment assesses properties.
- There are multiple videos related to "Understanding the Relationship Between Property Assessments and Property Taxes" and how they determine the assessed value of your property based on market values of sales as at the July the previous year..
The link to the videos is HERE
On January 2nd, there will be more information available on the BC Assessment website where you will be able to see comparable data on other sales in your neighborhood or complex as well as comparison to previous years. If you find there is a change in your assessed value that you don't think is reasonable compared to other properties, reach out to me so I can help you investigate it further with you. If you decide to dispute this value, you will need to lodge the dispute by the end of January.
It is common for misunderstandings to occur when homeowners lean on the over or under estimation of the BC Assessment value if considering putting their property on the market or for insurance purposes. It is important when making such important decisions to be working with the right figure. Consider the date that the assessed value was determined; are you listing at the same time? Has the market changed since then? Have sales occurred that may change the value? Have you made renovations and other improvements that will increase the value? Are the comparisons they used correct or would you use different neighboring homes? These are just a few factors to consider when valuing your home correctly, even if it is for insurance purposes and not for sale.
Do reach out to me to to chat about your BC Assessed value and don't forget you only have until the end of January to dispute the value. It does have a direct correlation to the property taxes you will be paying in July.
Click HERE to give me some preliminary information on your property to get me started.
All the best.
Posted by Denise Brown on