Property owners throughout BC received their Property Assessment
Notice the first week of January. This notice is BC Assessment’s (BCA) estimate of a property’s value as of July 1, 2010.
BC Assessment is the BC government agency responsible for determining and reporting property value estimates.
“The majority of homes in Metro Vancouver are worth more on this year’s assessment roll than they were on the 2010 assessment roll,” said Jason Grant, Area Assessor, Vancouver Sea to Sky region. “Most homes will see increases in the 5 per cent to 15 per cent range.”
Throughout Metro Vancouver values have substantially increased in most areas. They’re up 17.14 per cent in Richmond, 13.03 per cent in West Vancouver, 12.17 per cent in Vancouver, 12.07 per cent in Burnaby, 9.22 per cent in Delta, 9.12 per cent in Coquitlam, 9.11 per cent in New Westminster, 8.84 per cent in North Vancouver District, 8.78 in Port Coquitlam, 8.05 in North Vancouver City, and 7.58 per cent in Port Moody, 6.44 per cent in Pitt Meadows, 5.54 per cent in Maple Ridge and 1.99 per cent in Squamish.
Values decreased in Whistler 2.06 per cent and in Pemberton 1.87 per cent.
For specific details on changes in values, visit www.bcassessment.ca and go to Information about the 2011 roll and then the 2011 Market Movement Map.
How is property value determined?
To determine the value of the province’s 1.9 million properties, BCA appraisers review lot size, house type, age, condition, views, and outbuild¬ings such as sheds and garages.
They also look at whether the property has a lane, is on a busy street, is new construction or has been rezoned.
Appeal an incorrect assessment
Property owners who disagree with their property assessment should do their homework by visiting www.bcassessment.ca and then e-valueBC to compare their assessment with those of their neighbours.
Property owners can phone BCA and talk to an area assessor who is authorized to make adjustments if an error is obvious, for example if BCA included a garage, when the garage had been torn down.
Area assessors’ phone numbers:
• 604-739-8588 for properties in Vancouver, North Shore and Squamish.
• 604-241-1361 for properties in Richmond and South Delta.
• 604-850-5900 for properties in Pitt Meadows and Maple Ridge.
• 604-294-6441 for properties in Anmore, Belcarra, Burnaby, Coquitlam, New Westminster, Port Coquitlam and Port Moody.
Appeal details are also on the back page of each assessment notice.
Property owners who aren’t satisfied with an area appraiser’s response, can complete an Online Notice of Complaint (Appeal) Form available on www.bcassessment.ca. Go to For information on how to address concerns about your 2011 assessment.
The deadline to appeal is January 31, 2011
The appeal will be heard by the Property Assessment Review Panel. If the property owner disagrees with the result, they can appeal to the Assessment Appeal Board. Appeal panels are independent of BCA, appointed annually by the Ministry of Small Business and Revenue and meet from February 1 – March 15 to hear complaints.
BC Assessment and a REALTOR’s® Assessment. Why the difference?
BCA’s assessment and the market value determined by a REALTOR® may be different. Why? Where every lot and every home on a street are generally the same, both BCA’s value and the REALTOR’s® value will be similar during stable market conditions.
Differences occur in neigh¬bourhoods where lots are differ¬ent shapes and sizes, where each home’s architecture is unique, every view is distinct and when property owners make changes such as renovations after July 1 that BCA has not yet taken into account.
Property assessment and taxation: what’s the connection?
While BCA determines the assessed value of property for tax purposes, it’s the local taxing authorities – both provincial and local governments – which set tax rates each Spring according to budget requirements.
The formula for calculating taxes on property is: (tax rate x assessed value /1,000)
For example, if the tax rate for residential property is 4.000, and property assessment is $1 million, then the taxes payable would be $4,000.
If a property owner hasn’t received an assessment notice by January 17, they should contact the area phone numbers listed above.
If a property owner has concerns about their taxes, they should phone their local municipal tax office.
Stats and facts
• For the first time in BC history, the value of all real estate on the provincial assessment roll has surpassed $1 trillion – an increase of eight per cent compared to the 2010 value of $970 billion.
• A total of 1,902,875 properties province-wide were valued for the 2011 roll, an increase of 19,206 properties, or one per cent, compared to the 1,883,669 properties valued on the 2010 roll.
• BCA sent 2,066,261 assessment notices to BC property owners, an increase of 5.5 per cent from last year’s total of 1,957,440. (Note: properties may have multiple owners who each receive an assessment notice.)