BC Property Tax Assessments

Hi everyone!
Happy New Year and here’s to a fresh positive year! By now you should have received your BC property tax assessment letter in the mail. I just want to get this message out there for those homeowners who may have questions. So here I am to answer a couple of common questions that a lot of people have and at the same time, correct some misperceptions about your Property Assessment Notice. First of all, these assessments were done back in July, which is almost six months ago, and it doesn't take into consideration any changes that have happened in the market since then. Secondly, these assessments are for tax purposes only, so even though there is an assessed value for your property, it doesn't always mean that this is your current market value. Number three, these assessments do not necessarily indicate the increase or decrease of your property taxes. Your property taxes are determined by your municipality's yearly budget, and your assessment provides a mill rate, which will determine your share of owed property taxes. Now something to note - Your property assessment IS subject to dispute by January 31^st! We can give you a little bit of insight to see of disputing it will meet your short-term or long-term goals. So what happens next?  Give us a shout and we would be happy to walk you through the process. OR If you're wondering what the current market value of your home is in relation to your assessment, we can provide you with more detailed evaluation on what your property is worth in today's market. We hope you found this information useful, and at the same time, our lines are always open to answer any questions that you may have. We'd love to be of service! From all of us here at Dawn Walton & Associates, Happy New Year