2011 BC assessment & if it relates to the value of the property value
Click here to view the 2011 Market Movement Map all BC cities:
http://www.bcassessment.bc.ca/Pages/2011CompareAssessmentsOnlineAreaMap.aspx
I'm sure most of you have received the BC assessment in mail. Go to visit www.bcassessment.ca to compare your assessment with your neighbor’s property. Just to remind you that you need to submit your appeal by Jan 31st, 2011. For those who wants to sell the property, they probably would like the high assessed value. For those who are home owners would prefer to keep the assessed value on the low side.
Assessment’s appraisal reflects the value as of July 1 of the previous year. When reviewing the annual property assessment notice, property owners should check that it reasonably estimates what the property would have sold for on July 1 of the preceding year, and that it relates to the value of other properties in the neighbourhood.
Do taxes increase as a result of the gain on the assessment value? Not necessarily. One of the reasons that the property taxes increase is the tax authority raises the property tax rate to raise more revenue for the city. eg. Vancouver raises property tax for the 2010 Winter Olympic game.
If you are interested in deferring paying your property tax, here's the eligible criteria to apply the Property Tax Deferment Program:
- Be 55 years of age or older
- OR a surviving spouse
- OR a person with disabilities
- OR have a dependent child under age 18
- Be a Canadian citizen or permanent resident
- Has to be a Principle Residence
- Have a minimum equity of 25% in your home
- Have a fire insurance policy on your home
Listen to the Cantonese podcast for more info.
