BC Tax Assessments 2009

If you own a home in BC, your 2009 property assessment is probably in the mail, but if you’d like to find out sooner where you stand, you can log on to http://www.bcassessment.bc.ca, click the hyperlink on the left that says evalue-BC-Compare Assessments Online, read the terms of agreement and then key in your address. Some things to note about assessments:
1. The figure is based on an estimated value as of July 1, 2009. The value of your home will most likely have fluctuated one way or the other since then.
2. Assessed value is not the same as market value. The assessed value is the valuation placed on a property by a public tax assessor for purposes of taxation. Fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
3. There is a relationship between assessed value and market value. Sometimes it is 1:1, but most often it is not.
4. If your home’s assessed value has gone up considerably, you will want to make sure that it is in line with similar properties in your neighbourhood.

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