B.C. Property Assessments and the 2019 Assessment Roll

IN the next few days, owners of more than 529,700 properties throughout the Greater Vancouver region can expect to receive their 2019 assessment notices which reflect market value as of July 1, 2018.

“The majority of residential home owners within the region can expect a modest change compared to last year’s assessment,” says Deputy Assessor Keith MacLean-Talbot. “The single family home market saw slight increases or decreases depending on the municipality.”

Greater Vancouver is now seeing signs of moderation as the real estate market softens in some areas. As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, the Greater Vancouver region’s total assessments increased from almost $904 billion in 2018 to about $947 billion this year. A total of $12.65 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.

BC Assessment’s Greater Vancouver region includes much of Metro Vancouver such as the City of Vancouver, the North Shore, Burnaby, New Westminster and the Tri-cities with Belcarra / Anmore as well as the Sea to Sky area and Sunshine Coast.

Also, in the next few days, owners of more than 494,000 properties throughout the Fraser Valley region can expect to receive their 2019 assessment notices which reflect market value as of July 1, 2018.

“The majority of residential home owners within the Fraser Valley can expect a modest change compared to last year’s assessment,” says Fraser Valley Deputy Assessor Brian Smith. “As of July 1, we continued to see strong market activity in the strata residential market throughout the region, where as the single family residential market was relatively stable.”

Overall, the Fraser Valley’s total assessments increased from almost $489.8 billion in 2018 to more than $540.4 billion this year. A total of almost $10.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Fraser Valley region includes properties in Surrey, Richmond and Delta, and throughout the rest of the Fraser Valley up past Hope and Boston Bar.

BC Assessment’s website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2019 property assessments for anywhere in the province. As a new option, property owners can unlock additional property search features by registering for a free BC Assessment custom account to store / access favourites, create comparisons and use our new interactive map.

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says MacLean-Talbot.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” adds MacLean-Talbot.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains MacLean-Talbot. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”

* The Greater Vancouver BC Assessment office is located at:
#200-2925 Virtual Way, Vancouver, BC V5M 4X5

* The Fraser Valley Region BC Assessment offices are located at:

– Surrey Office: 100 – 5477 152 Street, Surrey BC V32 5A5

– Abbotsford Office: 240 – 31935 South Fraser Way, Abbotsford BC V2T 5N7

During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca

 

Quick Facts

 

  • Total number of properties on the 2019 Roll is 2,067,479, an approximate 1.07% increase from the most recent 2018 roll.
  • Total value of real estate on the 2019 Roll is over $1.99 trillion, an increase of nearly 7.45% from 2018.
  • Total amount of 2019 ‘non-market change’, including new construction, rezonings and subdivisions is approximately $31.38 billion.
  • In B.C., approximately 88% of all properties are classified with some residential (Class 01) component. This equates to $ 1,525,554,587,865 of the value on the total provincial roll.
  • Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
  • Assessments are the estimate of a property’s market value as of July 1, 2018 and physical condition as of October 31, 2018. This common valuation date ensures there is an equitable property assessment base for property taxation.
  • Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
  • Real estate sales determine a property’s value which is reported annually by BC Assessment.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
  • BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise about $8 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
  • BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment”.
  • For more information on the 2019 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit www.bcassessment.ca and click on the “Property Information & Trends” link.

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