2024 BC Property Assessments
CATEGORY: Practice Tips
TAGS: BC Assessment Private Managed Forest Land Property Assessments
The 2024 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 2024.
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 or +5 per cent rise in assessment values when they receive their notices in early January,” says BC Assessment assessor Bryan Murao. “Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years.”
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.
If a property owner is still concerned about their assessment after speaking to a BC Assesment appraiser, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel.
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 of two aspects of tax law that have caused significant concerns for some purchasers:
- Purchasers of managed forest land may be responsible for paying taxes on timber previously harvested by the Vendor; and,
- Purchasers of managed forest land may be responsible for paying exit fees to the Managed Forest Council if the property is removed from managed forest 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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