Property Values: Annual Property Assessment and Property Taxes

[et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”|||0px||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]

Property Assessment and Property Taxes


It’s a new year, new beginnings, and also that time of year when you have likely received your Property Assessment in the mail.

Property Assessment and Property Taxes

Your property assessment has a big impact on the amount of property tax you pay on your home or investment property, and I get frequently asked how the property assessment is calculated. Most of the time, homeowners feel that the values are way off in comparison to where the market is currently. The most common statement I hear is “I could sell my house for way more than this value, so what are they thinking?”

The Assessments are carried out by city officials, who review properties every year at a certain point in the year. In British Columbia they conduct their reviews in July. The Property Assessment takes into account the attributes of the property, the area, enhancements in the region as well as various other components and factors in determining the value of the property.

Although it is based on the value determined back in July, the BC Assessment notice is issued toward the end of the year (we receive it in the first couple of weeks of the start of the following year). Any variance of dollar value from year to year is based on sales of similar properties in the area. Year over year, in what are determined to be up-and coming and growing areas, you are very likely to see an increase values comparatively speaking, which leads to increases in property taxes (the higher the value of your home, according to the assessment, the higher the property taxes you will have to pay).

You may also see a rise in taxes as well because of not only increases in property value but increase in the need for revenue in their respective district.

As a homeowner you may consider the property assessment as one resource used to value your home. But the market value of any property is subject to change based on ongoing sales in the area among various other factors. The property assessment cannot be automatically deemed the most effective method in valuing the property for refinancing purposes for example or to set a price for sale of the property in another instance. A professional appraiser or a real estate professional must be hired to conduct these types of evaluations.

Some other key points to consider once you have received your property assessment

1. There could be an occurrence in which you disagree with your property assessment. In such a case you can speak to the BC Assessment Authority. Visit their website for more details about the process.

2. Don’t forget that the homeowners grant, should you qualify, applies to your tax bill every single year. Of course, once your property value exceeds a certain threshold, the grant is reduced incrementally and eventually reduced to no grant after a certain amount. This year’s threshold is set at $1.525 million for 2021. Properties assessed over that amount may receive a partial grant. Go to for more information.

3. You must meet the required criteria in order to qualify for the home owner grant. Each municipality is different and may have a different set of requirements. Your best bet is to go to your local city website for specific details.

Before purchasing a home you ought to consider the property value to determine the property taxes you will have to pay. You should also consider many of the subtleties such as whether water and utilities are included as well as consider when the taxes are payable.

In most municipalities property taxes are due on the first of July every year while, in other municipalities, the taxes are payable in two installments. Also, certain municipalities separate out the water and utility costs. For example, these costs are due in February while others include them in the property tax bill and thus a heftier lump sum payment is due all at once.

As always, a little research goes a long way. By taking a look ahead of time at the property assessment and the taxation in a neighborhood you are interested in making your home you stand to make a more informed decision on the property you are investing your hard-earned money into.

If you have any more questions, be it related to property taxes, your property assessment, or anything else related to mortgages or real estate, please feel to reach out – you can call 778 233 2377 or you can book a complimentary 15-minute consultation



RBC Mortgage Employee Pricing Mortgage Rates

The truth is the big banks have a substantial advertising budget, a budget that small business owners such as myself will never have. They are sinking thousands of dollars into the common message with the intent of getting consumers to focus on one single aspect of a mortgage, and that is the rate. Some people may argue that price is the most important thing to consider.

Bank of Canada Rate Announcement

This regular and predictable recent trend provides such great opportunities for re-finance, renewal and new mortgage funding. This year it may prove to be extra special as you can throw the extra incentive of the Bank of Canada’s Announcement of a rate drop, and still further cuts expected.

Employment status Impacting Your Mortgage Qualification

Regardless how you feel about the security of your position, it’s what can be proven on paper that matters most. Even if your employer has raved about how valuable of an employee you are, and even though you are on probation technically, you can rest easy because you aren’t going anywhere; or although on paper your hours are not guaranteed, in reality you will be working full time hours the bare minimum.

Access your Home Equity

If you have owned your home for many years, chances are, its value has increased significantly over the course of the years. One of the major benefits of homeownership is your ability to build equity. This growth in equity, as well as having the security of living in your own home (not being evicted by a land lord) are two of the biggest reasons most Canadians believe homeownership is the best choice for them!

Annual Property Assessment and Property Taxes

Since the property assessment has a big impact on the amount of property tax you pay, it is the primary reason why I am frequently asked how the property assessment is computed as individuals marvel why the quality is short of what they think they could offer their home for.


If you would like more information or a free consultation contact Aleem below, and as a Certified Mortgage Specialist let me help you get the home of your dreams. Great Mortgages, Made Simple
Aleem Peermohamed - Mortgage Broker BC



More Posts

Mortgage Calculators

15 Year vs 30 Year Mortgage Comparison Calculator [calc id=2886] Amortization Calculator [calc id=1780] Amortization Schedule Calculator [calc id=1783] Home Equity Loan Calculator [calc id=900]

no interest rate hikes

Independent Mortgage Planner

Who Should You Get Your Mortgage Through? Hi Everyone, this is Aleem Peermohamed – The Mortgage Specialist Vancouver BC. One of my existing clients, who

Four Reasons To Save Money

Four Reasons To Save Money It’s not rocket science -everyone should be saving money regardless of how much you are making. The concept of saving

Mortgage Check-Up?

Eight out of Ten Canadians make a trip to the doctor at least once a year to help ensure they remain physically healthy. But how

Send Us A Message

Scroll to Top