With the ring of the New Year, the BC government blessed homeowners with releasing new property assessment values as of July, 2021.
Following the trend of the real estate market, it is no surprise that the value of our homes according to the taxman has increased. Unlike previous years though, homeowners saw increases of up to $500,000.
Worried that this would significantly increase your annual property tax payments? Don’t fear!
A common misconception is that a significant change in your assessed value will result in a proportionately significant change in your property taxes. The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction.
Municipalities in Greater Victoria Area saw the biggest change in assessment value on the Gulf Islands, Highlands and Metchosin. Traditionally sleepy communities, these neighbourhoods saw more changes in their property assessments than their neighbouring communities.
Your BC Assessment is not an accurate depiction of your current market value of your property. The BC Assessment is a snapshot as of July, 2021.
Not thrilled with the increased in property assessment? The deadline to dispute your property assessment in January 31, 2022.