At $1.3 million

Is property assessment a reflection of its value?

Some property owners are elated to see that their property value has escalated, others are disappointed if it has devalued

For some, being a property appraiser for B.C. Assessment must be a difficult job.

When that government-brown envelope addressed to homeowners arrives in the mail in January, reactions generally are mixed.

Some property owners are elated to see that their property value has escalated, others are disappointed if it has devalued, and still others are in strong disagreement if the spike in the assessed value is too high.

Every year, this results in a flurry of complaints from homeowners who fear that the assessment is a reflection of what they will have to pay in property taxes that year.

According to its’ website, B.C. Assessment estimates the value of most properties as of July 1 each year, based on market values. The description of how an appraiser estimates the value of a home reads as follows:

“An appraiser considers factors such as size, age, shape, quality, condition and location. Views, local services, supply and demand and current sales in the area may also influence your property’s value.”

Local Lake Cowichan realtors Wendy Klyne of Re-Max and Sharon Kelly of Countrywide Village Realty both disagree with that fact based on some of the current listings in the Cowichan Lake area.

“The tax assessment is not a good indicator of the market value,” Klyne told the Gazette. “It should be, but it isn’t. That’s what (realtors) think.”

Klyne indicated several properties currently on the Multiple Listing Services in the Cowichan Lake area where the assessed value doesn’t reflect the market value.

“If we look at the most expensive piece of property on the market in this area right now,” she added, “it is an acreage on Marble Bay Road listed for $2.2 million (188 acres), and the tax assessment on it is $1.469 million.”

Usually out here Klyne says the listing price is higher than the tax assessment.

Kelly says she feels there is no reason for concern regarding the assessment, as ultimately it doesn’t impact what price a home will sell for.

“As realtors we don’t consider an adjustment of assessed value to be significant in terms of the real estate industry,” commented Kelly. “There will always be adjustments based upon market trends, and it doesn’t reflect what the home is really like.”

B.C. Assessment gives property owners ample opportunity to register an appeal if they believe their home or land or business has been unfairly valued. But before doing so, they recommend that owners first compare their property with others in the area. This can be done by checking e-valueBC on the web.

Owners can also contact B.C. Assessment appraisers to discuss how their property’s value was determined. If the owners and appraiser agree there was an error, the assessment can be altered.

Anyone who decides to go ahead with an appeal must file a complaint including your reason for seeking a review by Jan. 31 at midnight. The complaint form is available on their website and can be mailed, faxed, hand delivered, or emailed to the local office.

Find the B.C. Assessment appeal guide at www.bcassessment.ca/public/Pages/AppealGuide.asp.

 

Just Posted

VIDEO: Hold onto your funny bones: Ron James is back on the Island

He’s been called ‘a genius’, and ‘funniest man in Canada’. Find out why when he comes to town.

Chemainus campground on the chopping block as ALC deadline looms

Owners fighting to continue facility’s operation, with a huge outpouring of support

Malahat truck crash cleared but over 200 still without power

Hydro poles taken out in Monday afternoon crash

Controversial Chemainus building must be torn down

Weight of evidence from bylaw enforcement staff and police is enough for North Cowichan council

UPDATE with VIDEO: Home on Allenby Road suffers early morning fire

The fire department was first called to the scene at 6:30 a.m.

Canucks sign Brock Boeser to three-year, US$17.6-million deal

Young sniper will be in Vancouver Tuesday

B.C. forest industry looks to a high-technology future

Restructuring similar to Europe 15 years ago, executive says

RCMP conclude investigation into 2017 Elephant Hill wildfire

Files have been turned over to BC Prosecution Service

B.C. wants to be part of global resolution in opioid company bankruptcy claim

Government says settlement must include Canadian claims for devastation created by overdose crisis

Two Nanaimo residents share $5-million Lotto 6/49 prize

Jesse Logan and Teresa Winters Day matched all six numbers in Aug. 21 Lotto 6/49 draw

B.C. ends ‘birth alerts’ in child welfare cases

‘Social service workers will no longer share information about expectant parents without consent’

U.S. student, killed in Bamfield bus crash, remembered as ‘kind, intelligent, talented’

John Geerdes, 18, was one of two UVic students killed in the crash on Friday night

Free Tesla 3 offered with purchase of Surrey townhome

Century Group’s offer for Viridian development runs through Oct. 31

Most Read