A great article from the Great Vancouver Real Estate Board:
Assessment notices - a wake-up call for property owners
Property owners throughout BC received their 2012 assessment notice the first week of January from BC Assessment (BCA).
This notice is BC Assessment estimate of a property's value as of July 1, 2011, and for new construction or substantially renovated homes, the physical condition as of October 31, 2011.
BCA is the government agency responsible for determining and reporting property value estimates for the 1,917,394 properties in its database, a 0.75% increase in the number of properties since 2011.
BC ASSESSMENT AND A REALTOR ASSESSMENT.
WHY THE DIFFERENCE?
BC ASSESSMENT AND THE MARKET VALUE DETERMINED BY A REALTOR MAY BE DIFFERENT. WHY?
Both BCA assessors and REALTORS calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect the value such as size of home, view, location - on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or praking stalls.
Where every lot and every home on a street are typically the same, both BCA's value and a REALTOR's value will be similar during stable market conditions.
Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn't yet taken into account.
Differences also occur during market instability when prices rise and fall during the six-month period between July 1 the following year.
For more information visit www.rebgv.org/property-assessment-notice
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