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What is The BC Assessment value?
Each year, the British Columbia Assessment (BCA) analyses property values across the province in order to determine the value of homes and this is used as the basis for property tax calculations.
Assessments are the estimate of a property’s market value as of July 1, 2019, and adjusted for physical condition and zoning as of October 31, 2019. The market value is used because this method has been elected as the fairest way to distribute the property tax burden.
BC Assessment carries out assessments on the same dates across the province in order to be fair since the main goal is for the determination of property tax. However, this publicly available assessment is also used for the determination of market value by appraisers and estimators for a variety of reasons (equity determination, loan risk or loan-to-value ratios, listing prices, etc.). The appraisers and estimators do not have a standardized approach in their estimates and this causes confusion.
Clearly, BC Assessment property values are NOT the same as current market values because it is taken at a singular point in time and does not reflect current market changes.
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