BC Property Assessment

All property owners are taxed annually based on the assessed values as determined by the BC Assessment Authority. The BC Assessment Authority produces annual property assessments based on the market value of the real estate as at July 1st in the previous year. Property assessments are determined using standard real estate valuation approaches; direct comparison, cost and income approaches. The BC Assessment Authority also determines the physical condition, reflecting any changes after the valuation date, and the actual use(s) to apply the correct property tax classification(s) for each property as at October 31st in the previous year.

Property owners receive their annual property assessment notices in the first week of January. The property owner has until January 31st to file an appeal with the Property Assessment Review Panel. There is no fee to file an appeal to the Property Assessment Review Panel. A third party may also file an appeal against a property assessment notice.

The BC Assessment Authority delivers approximately 1,925,000 Property Assessment Notices on December 31 with a provincial staff of around 680 personnel. Given this ratio of assessment staff to properties of 1 to 2830, it is impossible for the BC Assessment Authority to inspect and value individual properties on annual basis. All mass property assessment valuation systems are subject to human error. A successful appeal can result from a professional, comprehensive review for the following reasons:

• assessed value is above market value
• incorrect physical inventory
• incorrect property classification
• eligible exemptions were not applied
• assessed value is not “fair and equitable” in relation to similar, competing property assessment values
• property was under construction as at October 31 in the previous year
• historic vacancy issues
• condition of property or deferred significant maintenance
• property is contaminated or negatively impacted by hazardous materials
• incorrect land averaging calculation in the City of Vancouver