2023 BC Property Assessments
CATEGORY: Practice Tips
TAGS: BC Assessment Private Managed Forest Land Property Assessments
The 2023 BC Property Assessments are now available online through BC Assessment, and homeowners can now check theirs on the website and expect to receive their notices in the mail by the end of January 2023.
REALTORS® are often a valuable source of information for both buyers and sellers in helping them understand tax assessments and how they are used to calculate property taxes.
"Most homeowners around the province can generally expect about a 5 to 15 per cent rise in assessment values when they receive their notices in early January,” says BC Assessment assessor Bryan Murao. “I want to emphasize that assessments are based on July 1 values of this year, meaning that when similar properties were sold up to and around July 1, those market value sales are used to calculate your assessed value.”
It is important to note that an increase in a property's assessment value does not necessarily mean an increase in property taxes for homeowners. In most cases, property taxes are only affected if a property's value is above the average value change for the community.
At the same time, the value of some properties may have been affected by the COVID-19 pandemic, and as a result, some assessments may be adjusted to reflect this. Property owners who feel that their assessment does not accurately reflect the value of their property as of July 1st, 2022, can file an appeal by January 31, 2023.
For more information about assessments and trends in your area visit BC Assessment.
Managed Forest Land
BC Assessment has also issued an Important Notice to Purchasers of Private Managed Forest Land to make them aware that the land may be assessed at a higher value to account for the economic benefit of timber previously harvested on the land and that exit fees may be charged if the property is removed from managed forest land class.
Prospective purchasers of privately managed forest land are advised to inquire about previous timber harvesting and its potential property tax implications. Exit fees may be incurred if the property is removed from managed forest land class before 15 years of enrollment.
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