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July 1 and your home’s value

July 1 and your home’s value

Have you been taking notice of local real estate prices? Now is the time to know what’s happening in the housing market for your neighbourhood.

July 1st marks the date BC Assessment estimates the annual market value of properties in B.C. BC Assessment’s professional appraisers analyze current sales in the local area, as well as the property’s size, age, quality, condition, view and location.

What this all means is if similar properties are selling close to July 1st for $500,000 or $1.2 million, this is a great indicator of what your assessed value will be similar to when you receive your Property Assessment Notice in January, 2017.

Using a single common date ensures your property's assessed value is fair, equitable and uniform compared to the other properties in your community and across B.C.

How BC Assessment Assesses Properties

Learn how BC Assessment uses July 1st as the date for estimating the annual market value for your property in B.C.