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Here’s What You Need To Know…
BC Property Assessments were mailed out and like every year, they get people talking about how much their home is worth.
Despite whatever your City property assessment indicates, your home is actually worth exactly whatever your accepted buyer is willing to pay when it comes time to sell.
FAQS About Property Assessments
What is a Property Assessment?
BC Assessments provides property assessments for tax purposes on all properties in British Columbia as of July 1 each year. This is used to determine how much your property taxes will be.
In fact, it is a little counter-intuitive for the homeowner: the lower your property assessment the lower your property taxes. Likewise, you want to sell your home for the highest price possible to maximize your return.
Will I Get My Assessed Value When I Sell?
Not necessarily! We often see homes sell for well-above and well-below current-assessed value
for a variety of reasons, including:
- Condition of home
- Quality of finishings and finished space
- Market activity in your immediate area
- Regional market activity
- How sought-after your neighbourhood, home or features might be
- Multiple offer situations
- Time of year
- # of active listings in your area
- Type of Buyer for your home and current Buyer market condition
My Property Assessment Went Up/Down More Than I Was Expecting. Is My House Really Worth This Much More/Less Than Last Year?
A lot can happen in the market between this past July and when you choose to sell. What you can sell your home for has a lot to do with supply & demand, neighbourhood market activity, the condition of your home and its most sought-after features.
Why Do Some Home Assessments Go Up or Down More Than Others?
Assessments can account for some fluctuation in market activity and it is common to see varying levels of change among different neighbourhoods and pockets of homes. Market activity, popularity of the neighbourhood, new construction, nearby amenities, renovations etc. can all impact an assessment. Also how many homes have sold in your area can dictate your assessment value.
For example, if a number of homes sell for a value much lower than what your home should be worth it could be because you have done some amazing upgrades etc and the recent sales are original and no upgrades were completed. Assessments review and base on recent market sales in your area. New builds can also adjust the assessed values. To obtain a building permit the builder must submit the build value. If entry level homes are being built in your neighbourhood this could drop the overall value within the neighbourhood. If high end finishing homes are being built this could increase the neighbourhood assessment value.
Have you ever visited an open house parade showcasing multiple homes on one street or area? It is amazing how different each home will look, from the outside and inside. The city will not have on file a home with new floors, paint, appliances and upgraded landscaping and exterior paint. Remember, your home has unique features that we need to compare against recent sales to understand where your home rates against the current buyer market requests.
The great thing about property assessments is they get people talking about real estate. But, to really understand what the market is doing, you will get a much clearer picture when you look at recent sales numbers and stats. On our website, we drill right down to specific neighbourhoods so you can get a good idea of what’s happening around you, or where you might want to live.
Ultimately, chatting with an experienced REALTOR is always worth it. If you’re looking to see how much your home might really be worth give us a call. We provide complimentary market evaluations to determine what your home could sell in today’s market.
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