You've decided to sell your home.
To attract buyers and to ensure you receive a fair price, together we will want to establish your home's value. To do this, sellers often start with their Property Assessment Notice. We will also be able to provide you with an estimate of value based on comparable recent sales and current homes for sale. What is surprising to many sellers is that there is often a difference between the assessment value and the actual value determined by us.
BC Assessment (BCA), a government Crown Corporation, is responsible for sending every property owner a Property Assessment Notice each January. The notice contains BCA's estimate of the market value of the property as of the previous July 1st. The purpose of the information is to create the Assessment Roll, which is used by local governments to levy property taxes.
To assess the market value of properties, BCA uses what is known as a "mass appraisal system." This allows BCA to value all properties in a cost-effective and efficient manner. BCA's database has information on 1.6 million properties. When a new property is created through zoning, construction or an existing property changes, a BCA appraiser visits the site and looks at the lot size, the structure and other factors. To update market values, BCA appraisers do not visit every property each year. Instead, a mass appraisal system allows them to look at prices for homes sold in each neighbourhood and apply the information to their evaluation of all properties in that neighbourhood. With this in mind, there could be several reasons to explain the difference between BCA's assessed value of your Property and the current value reported by your us. Here are three possibilities to consider: