A. Additions and Renovations
The Assessment Act requires that your assessment notice provides separated values for land and buildings. In reality, separating land and building value in the real estate market is usually not needed.
Sometimes, building values increase. This usually happens when there is an addition or renovation to an existing older building. BC Assessment constantly updates our property database from sources such as building plans, city permits, questionnaires and air photos. Our staff also visit some properties to collect information.
Improvement Value & Change - Additions & Renovations
B. Changing Construction Costs or Depreciation
Has your house increased in value when you haven’t made any changes? Buildings can increase in value if construction costs rise rapidly or if there is greater demand for a popular property type. For example, in some markets, heritage houses are highly sought after for their unique features. This type of house is relatively rare and there can be many buyers who want them, so prices get bid up.
Improvement Value & Change - Changing Construction Costs
call BC Assessment
to discuss any specific questions about your property assessment.