Is your 2010 BC tax assessment correct?

By
Real Estate Sales Representative with for real estate results in the Tri-Cities.

Homeowner advocate and local Realtor, John Grasty, offers Tri-City area homeowners (and buyers) relevant property information, including comparable sales data and the most up to date and accurate picture of activity and trends for a particular market.

"This is simply neighbourhood intelligence; an added-value service with no strings attached," says Grasty.

"Homeowners have better choices by staying abreast of their own market, including a chance to respond to changes that are likely to affect the real estate market in their area," and Grasty adds, "Knowing on an ongoing basis if prices have decreased (or increased) in a neighbourhood could help buyers determine how much to offer, or even help homeowners to decide if a property tax appeal makes sense."

Most residential properties have appreciated in the past year and many of those being sold are selling above the 2009 tax assessed value.

The BC assessment of properties will normally reflect market values effective July 1 of the preceding year.  Each year, more than 98% of BC's 1.8 million property owners accept their assessment as provided by BC Assessment and do not file a formal complaint (appeal).

It is important for all property owners to determine if the assessment value represents a fair estimate of a property's market value on July 1st of 2009.  Market value is the value at which your property could potentially have sold for on July 1 last year, given a willing buyer and a willing seller.

Property owners can obtain sales information from BC Assessment, Realtors, and the local Multiple Listing Service.  Tri-City property owners are serviced by the North Fraser area office of BC Assessment.

BC Assessment's website (www.bcassessment.ca) contains a link to e-valueBC which enables property owners to compare their assessment and any applicable sales to other homes in their area.

If you think your property is assessed too high, then you need to acquire the relevant property assessment or sales information that supports this position.  All rights to appeal will remain unchanged when receiving 2010 tax assessment notices in early January. This request must be delivered in writing to BC Assessment no later than 11:59 p.m. PST on January 31.

If you have a recent property appraisal available to you, then you can include it as part of your evidence. If you do not have an independent appraisal, you may choose to obtain one; be aware however that independent appraisals can start at $250 and may not be essential to your case.

BC Assessment identifies ownership and tax liability for all properties, classifies their use and estimates their actual values. More than 1.88 million properties in BC were valued for the 2010 Assessment Roll with a combined taxable value of $841 billion.

If you'd like a Comparative Marketing Analysis (CMA) to get an idea of the current market value of your home, give me a call: 778-878-0778.

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All content, including text, original art, photographs and images, is the exclusive property of John Grasty, and may not be used without expressed written permission. All information is deemed to be accurate at the time it is written but is not warranted and should not be relied upon. Copyright 2010. © John Grasty, ABR, SRES, Licensed Real Estate Representative, 778-878-0778

DISCLAIMER: John Grasty disclaims liability for any damages or losses, direct or indirect that may result from use of or reliance on, information and opinions contained in this website or blog posts, or for accuracy of comments and opinions of visitors. Always seek the qualified advice of a professional.

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Anonymous
Jeremy Pritchard

""If you have a recent property appraisal available to you, then you can include it as part of your evidence. If you do not have an independent appraisal, you may choose to obtain one; be aware however that independent appraisals can start at $250 and may not be essential to your case."

>Thanks for this information. It likely help me sort things out.

_____________

To learn more about the available Sun City Real Estate az, visit http://www.nikolairealtor.com.

Jan 20, 2010 12:48 PM #1
Rainmaker
1,431,667
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

You know this is a nice post in and of itsself,but I have just read 6 other post on the same issue.  They are ruining the Rain Drop.  No fault of yours.  I am just running out of things to say about assesments.

Mar 14, 2010 09:16 AM #2
Rainmaker
179,668
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

This post was done originally on January 5th.

Apparently today's AR newsletter (Your Property Tax Bill - A Matter of Fairness) is featuring posts from throughout North America, including this one, on tax assessments.

BTW: Cute picture Gene.

Mar 14, 2010 09:49 AM #3
Rainmaker
118,162
Barrie Clulow
My Time Is My Own - Uxbridge, ON

John -I think you will find the process is mathematical as taught in Real Property Assessment by the University of BC,

The course of study is mass market evaluations done by regressional analysis of sales in a given area. This is the course that one would have taken to become an assessor when I took the course several years ago

PS I think Gene is just posting for points he left the same comment in other posts on assessment today, all from the news letter.

Mar 14, 2010 12:07 PM #4
Rainmaker
179,668
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

From your experience Barrie you would have a full understanding that while it is okay to use BC Assessment information for statistical purposes, appraisers do not use assessment values for determining market value due to the inherent shortcomings; for the same reason we are cautioned.

I think I'll stick to CMA's Barrie. ;-)

That's too bad, Gene not understanding the real purpose and value of sharing here on AR.

 

Mar 14, 2010 04:20 PM #5
Rainmaker
118,162
Barrie Clulow
My Time Is My Own - Uxbridge, ON

John - just passing by again, They provide a better picture of current values.

There is often a big difference between Market Value as we know it doing CMA's and "Market" or Assessed Values as calculated by Assessors.

The terminology used by some assessment people implies that the Assessed Value was, at the time it was done, the Market Value of the property at that time. Mass market appraisal as practiced by the assessment world can be and often is far from what you and I would describe as the "market Value" of a property.

Here in Ontario, as is likely the case in other jurisdiction, they have a window that the assessments have to fall within when compared to actual sales. You could conceivably have comparable homes that sold for different amounts all have the same assessed value. Likewise you could have comparable homes that all sold for the same value have different assessed values.

Mar 20, 2010 06:33 AM #6
Rainmaker
179,668
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Thanks for returning to share your expertise and insights Barrie.

Mar 20, 2010 09:52 AM #7
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Rainmaker
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John Grasty

Your Tri-cities REALTOR, neighbour and volunteer.
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