Not only does January 1 mark New Years Day (New Year, New Home anyone?) but it also marks what has become a ritual for many – checking the value of their home on BC Assessment.
Every January 1 BC Assessment releases the assessed value of properties across BC on their website. Here’s the link if you want to check it out: https://www.bcassessment.ca/
Here’s some things you should know though before checking it out:
1) This is the value, according to BC assessment, as at July 1 of the previous year (in this case 2018).
2) Because your BC Assessment increase, or decreased, does not mean that your taxes will as well. It is weighed against your neighbours properties. So if your home went down, but the average in your city actually went up, then your properties taxes would be going down, and vice-versa.
3) These assessments are not gospel and should not be seen as an accurate valuation of your home! They’re not an accurate measure of the value of your home as at July 1, and they are certainly not an accurate measure of the value of your home today. The assessment is very general, and does not take into condition anything to do with the condition of your home or renovations. BC Assessment is often working with incorrect information when it comes to rooms, sizes, number of bathrooms, etc.
Takeaway: While it’s fun to take a look at the BC Assessment Values, don’t take them as Gospel. Take them as what they are, a government tool for assessing taxes. If you want a real idea of the value of your home, call us. The only way you’re going to get a true idea of the value of your home is by taking to an experienced, knowledgeable Realtor(r) and having them give you a proper home evaluation.
But hey, I guess you would always rely on the internet. What is it that they say? You can believe everything you hear on the internet?