VICTORIA – Based on trends in the real estate market as of July 1, 2022, most homes are expected to be up in value with the soon-to-be released 2023 property assessments.
"Most homeowners around the province can generally expect about a 5 to 15% rise in assessment values when they receive their notices in early January," says Assessor Bryan Murao. “I want to emphasize that assessments are based on July 1 values of this year, meaning that when similar properties were sold up to and around July 1, those market value sales are used to calculate your assessed value."
“Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined," adds Murao. “As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone."
“An increase in assessment value does not, however, necessarily result in an increase in property taxes. Taxes are typically only affected if you are above the average value change for your community. Our job is to make sure your assessment is a fair and accurate reflection of market value sales based on July 1st."
As a leading source of property information, BC Assessment analyzes the real estate market shifts throughout the year and reminds property owners that their annual property assessment values are determined as of July 1 each year to ensure all properties are valued fairly in relation to each other.
All British Columbia property owners will receive their annual property assessment notices in early January 2023.
The content of this news release is based on preliminary property assessment information. Confirmed 2023 property assessment information is finalized and released to the media and the public on January 3, 2023.
Visit bcassessment.ca on January 3 to access 2023 assessment information including searching and comparing 2023 property assessments as well as regional news releases with detailed assessment value changes by community, lists of top valued homes and other market movement trends.
Media contact: Tim Morrison, BC Assessment Communications
Tel. 1.866.825.8322 loc.00135 Email: tim.morrison@bcassessment.ca
