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COVID-19 Impact on Property Values

COVID-19 Impact on Property Values

At BC Assessment, we have received questions from property owners regarding any COVID-19 impacts on the real estate market, property assessments and property taxes:

1. What does COVID-19 mean for the real estate market/my assessment and property taxes?

The 2020 property assessments were determined based on market values as of July 1, 2019; thus, COVID-19 does not impact this year's assessments. 

Annually, BC Assessment collects and analyzes real estate transactions (sales) to determine market value of properties as of July 1 for the upcoming assessment roll. Therefore, 2021 assessments will reflect market conditions as of July 1, 2020. 

The affect that COVID-19 has had or will have on the real estate market is still unknown at this time.

2. What will it mean for my property taxes?

Local Governments set new tax rates before May 15th to raise a predetermined amount of revenue from property taxes to cover their annual budget for funding important community services. BC Assessment is independent from local governments and taxing authorities. Please contact your local taxing jurisdiction regarding inquiries related to property taxes and COVID-19 related measures.

The Province is responsible for establishing property tax programs and measures to assist property owners affected by COVID-19. The province recently announced that school tax rates for commercial properties (property classes 04, 05 and 06) will be reduced by 50% for the 2020 tax year.

Additionally, the provincial property tax deferment program may assist some residential owners who have been adversely affected. 

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