It’s that time of the year again – if you want to appeal your 2022 BC Assessment the deadline for filing a Notice of Complaint (appeal) is January 31, 2022.
The assessed value of your property is based on the market value of your property as of July 1, 2021.
BC Assessment uses sales to reveal a pattern of values and the medians for similar properties. Your home value can vary from this based on its unique features.
Interesting fact: even if your home sold on July 1 of the prior year, the assessed value might be different. BC Assessment will still look at the aggregate value of sales to determine the assessment because the value of any one sale can be “imperfect”. There might have been unknown factors that caused it to be higher or lower than it might otherwise have sold for, so it does not the fit the pattern.
Property taxes payable are based on the mill rate which is set by our various entities including CRD, Islands Trust, Salt Spring Fire, etc. In simple terms - your assessed value is multiplied by the mill rate to get the tax amount.
Your property taxes may not increase (or decrease) at the same rate as your assessment. This year, the gulf islands averaged a 35% increase in assessed values, so in theory, your property tax bill will only increase if your 2022 Property Assessment increased more than 35%.
I attended a zoom meeting today with BC Assessment at the Victoria Real Estate Board. If you have any questions, feel free to ask and I’ll do my best to answer or direct you to other sources