In early December, BC Assessment provides early notification to property owners expected to see a large value increase above the average change in their local taxing jurisdiction (i.e., municipality) on their upcoming assessment notice released in January.
Additionally, properties that are expected to have a classification and or exemption change are also notified.
Why did I receive an Early Notification Letter?
There are a number of reasons why a property owner may receive an Early Notification letter. Below are three of the most common reasons.
1. Assessed value change of high above the average change in the jurisdiction for your property class.
For example, you own a residential (property class 1) single family home in the City of Langley. Your home is expected to increase in value 30 per cent when compared to the previous assessment. The average change for residential properties in the City of Langley is projected to be 5 per cent. Since your projected value increase of 30 per cent is 25 per cent higher than the projected average change, your taxes are likely to increase, so you will receive an Early Notification Letter.
2. Classification Change
On your previous property assessment, your property had a residential class. Over the course of the year, the property changed from a residential use (property class 1 - Residential) to a commercial use (property class 6 – Business/Other). Since the tax rate for commercial properties is higher than the tax rate for residential properties, your taxes are likely to increase, so you will receive an Early Notification Letter.
3. Exemption Change
On your previous property assessment, your property had a tax exemption due to part of the property being classed as a farm. Over the course of the year, the farm ceased operation and returned to being classed as residential (property class 1 - Residential).
Since you will no longer be receiving a tax exemption, your taxes are likely to increase, so you will receive an Early Notification letter.
If you have further questions about your letter and why you received it, please
contact us.
