BC Assessment is a crown corporation that sends out property assessments on an annual basis for property owners in BC. If you’re a home owner you would have recently received your assessment in the mail. I want to clear up some common misunderstandings about a home’s assessment value in relation to market value.
Assesment value does not equal market value!BC Assessment adjusts the value of homes each year by looking at such factors as local sales data or improvements done with a permit. The value of the assessment is what they believe the home would have sold for in July the previous year.
BC Assessment does not visit each home in the province and give an individual appraisal of its saleability. There are factors which affect market value that BC Assessment does not take into consideration. These factors include: interior or exterior updates, proximity to amenities, traffic noise, indoor smells, decorating choices, extreme wear and tear, and availability of homes in the area.
Homes can sell far above or below their assessed value so it’s not a reliable indicator of what your home is worth. If you would like to know how much your home would sell for today, it is important you get a CMA (Comparative Market Analysis) by a licensed REALTOR®
For more information on BC Assesment, please visit their website:
http://www.bcassessment.bc.ca/
