B.C. Assessment Information and How It Affects Your Property.

For the 2009 Property Assessment Roll only, BC Assessment will be providing property owners with the market value of properties as of both July 1, 2007 and July 1, 2008. The lower of these two values will become the 2009 assessed value for most properties.

On November 27, 2008, the provincial government passed the Economic Incentive and Stabilization Statutes Amendment Act (Bill 45), which provides special valuation rules for the purpose of the 2009 tax year only. Part 3 of Bill 45 provides that properties valued at market value will, on the 2009 assessment roll, be valued at the actual value calculated using either a July 1, 2007 or July 1, 2008 valuation date, whichever is lower. This initiative is part of the B.C. Government’s economic strategy to provide stability and predictability to British Columbians in response to the downturn in the real estate market which began mid-2008

About 94 per cent of property owners in British Columbia will see an identical or lower assessed value on their 2009 notice compared to 2008. Eighty-two per cent of BC’s 1.85 million properties will reflect last year’s assessed value. Another 12 per cent of properties will be assessed at July 1, 2008 values because that value is lower than July 1, 2007. The remaining six percent have undergone changes that are described online.

If you were wondering if your property taxes were decreasing this is not necessarily the case. BC Assessment does not have a direct role in setting property taxes. Taxing authorities (municipalities, regional districts) set their tax rates for property taxes based on their budget requirements.

For further information or questions about your property assessment visit BC Assessment online here.