Home > Uncategorized > Vancouver Radio Reat Estate Podcast:Is there any relationship between property assessment, property market value & property tax?

Vancouver Radio Reat Estate Podcast:Is there any relationship between property assessment, property market value & property tax?

Is there any relationship between property assessment, property market value & property tax?

Please click podcast listen to Cantonese interview

  • Over 98.4 per cent of property owners 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, 2011 and physical condition as of October 31, 2011. 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 between Jan 1st & Oct 31st 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.  However, they normally don’t enter the property whereas real estate agent will physically visit the property to see if there is any improvement done on the property.  If home owner doesn’t report the renovation, the assessment therefore cannot reflect the true value.
  • Assessment value, property tax & actual property market value are not necessary related to each other.  This is just a general perception in the general public.
  • Last date to appeal is Jan 31st in each year.
  • Should you wish to sell your property in the following year.  The assessment value doesn’t necessary reflect the current market condition because it is already 6 months old & in today’s fast changing market, owner needs a professional honest agents to share t he most update market condition with you.
  • Home owner can visit BC assessment E-valueBC to check if you property was fairly assessed:  http://evaluebc.bcassessment.ca/
If you wish to sell your property, pls contact me at tinamak@tinamak.com or 604-412-5860 for a FREE evaluation.

Tina Mak Personal Real Estate Corporatio
Your Vancouver Radio Realtor
(The Bridge from East to West since 1992)
#1 Female Agent since 2002 @
Coldwellbanker Westburn Rlty
International President’s Circle Award
Top 5% in Vancouver Real Estate Board
International Real Estate Info. Provider
Co-host of AM1320 Radio Investment Show
5489 Kingsway, Burnaby
BC V5H 2G1

www.Realty4BC.com (English)
www.TinaMak.com (English)
www.TinaMak.ca (温哥华中文地產網頁)

Email: tinamak@tinamak.com

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