Unless you were one of the lucky few thousand that got an early warning about your assessments, you should be getting some mail next week with the updated assessed value of your house. Luckily it’s the Age of Computer and while that might mean that nobody knows exactly what’s going on, it does mean we all get to look at assessment values of friends and strangers online.
Given the market insanity in the past year, you can expect some big increases, but remember, that doesn’t mean you will necessarily be paying more property tax. Yes, your property tax is set as a percentage of your assessed value but those percentages are re-calculated every year. If your assessed value has gone up by a percentage that is similar to the rest of the properties in your municipality you can expect your taxes to only increase to cover the growth in the city’s budget. So the property tax rates will actually go down in a year where assessed values jump. If the assessed value seems out of whack, make sure that the property information is correct and take a look at the sample sold properties that BC Assessment thinks are comparable to yours. Remember that the assessors are not actually visiting your house in most cases so if you know something they don’t you can always appeal your assessment and try to have it lowered. The deadline for appeals is January 31st and as it seems our property information has an error I will try the appeal and document the process here.
What are you seeing in your area?