What is assessed value?
BC Assessment estimates the value of a home every year for the purpose of levying property taxes. The effective date is always July 1. These appraisals rarely include a visit to the subject property and as such, may not accurately reflect renovations, modifications, layout, etc. It’s quite a substantial undertaking, as every property in the Province will get assessed, so there is heavy reliance on what is made available online, such as location, street view, size of the home, age, garages, building permits taken from cities, comparable sales, etc.
Remember that the purpose of assessments by BC Assessment is for levying taxes. These values should not be relied upon for the determination of Market Value due to the inaccuracies and often old data.
What is Market Value?
This is a value of a property in which a buyer is willing to pay and a seller is willing to sell. For an estimate of market value, you will need to consider what a buyer and seller will most likely agree upon under reasonable circumstances given an adequate exposure of the listing. Determining a market value is complicated with many factors involved, which is why you should always consult a Realtor® to determine the value of your home.
Considerations will be to:
- Current real estate market trends, considering supply/demand and current activity (days on market, multiple offers, etc.)
- Analysis of recent comparable sales
- Analysis of competing properties
- Interior finishing’s, upgrades and improvements
- Chattels (appliances, washer/dryer, etc.)
- Seller motivation
Your Realtor® will help determine the market value of your home or the home you are considering purchasing.