Property Assessment 101
With the deadline to appeal your 2010 assessment of Tuesday January 31st, fast approaching, we are reminded that what you don't know can hurt you.
When it comes to your assessment, which directly affects the property tax you will eventually pay, what you don't know can hurt you in the pocketbook.
First off, the assessed value on your house is BC Assessment's (hopefully) informed opinion of what it was worth between January 1st 2010 and October 31st 2010.
The fair market value of your home is defined as the price a willing knowledgeable buyer would pay a willing seller. If you lost your job and need to dump your house or you just sold your castle in Vancouver for 3 million and money is no object, your sale or purchase price probably doesn't count.
BC Assessment is supposed to investigate all sales to determine which ones qualify for use in determining fair market value.
Next, go to www.bcassessment.ca and click on the For Public button. Scroll down to e-value, and tick off yes to the Terms of Use Agreement.
Now, select your city, address etc: and click on Compare by Address. This will tell you what your neighbors' are assessed at.
Go back and check off compare Sold Properties, and you will see a selection of properties that have sold in your area in the past year. The sale of similar properties to your own is what is used to determine your market value or to support the assessment if your house sold in the past year.
Armed with these 2 lists, take the time to drive by these properties to see if they are comparable to your own.
Once you have identified 8 or less similar properties, go back to the BC Assessment site, and again under e-value click on and follow the instructions.
The site will give you all the details on these properties that you need to either support the value BC Assessment placed on your property, or give you ammunition to appeal your assessment.
Bottom-line is the real estate market in Prince George last year was flat or down depending on what price range your property was in.
BC Assessment's claim that residential properties went up by over 5% and commercial by over 6% is suspect at best. Just ask a local realtor or property appraiser.
This suspicion is further reinforced by the fact that BC Assessment representatives refused to provide The Citizen with the sales data used to support their conclusions.
In short, hedge your bet, play it safe, and if you have any doubts, appeal your assessment.
It's your right and some would say obligation as a taxpayer.
