Are you questioning the Assessed Value of your property? How does this assessment affect your wallet?
Assessed values are based on sales of comparable properties, reflecting market values effective July 1 of the preceding year. Market value is the price an unencumbered property would sell for if a reasonable amount of time is allowed to find a purchaser.
To better understand your assessment notice visit bcassessment.ca to access 2017 property assessment information.
In order to understnd the impact of the assessment on your tax bill, an understanding of the mill rates charged per $1000 of assessed value is important. Property taxes are caluclated using the current mill rate. Current mill rates are yet to be set however a look at the recent history of tax rates is a guide. Tax rates are the rate used to determine how much property tax you pay, based on the assessed value of your property. The tax rate applies to each $1,000 of net taxable value.The city of Vancouver provdes a good explanation at http://vancouver.ca/home-property-development/residential.aspx
If you are planning to challenge the assessed value, calculate the possible tax savings required to offset the cost of the appeal process.
Call me if you have further questions regarding this or any other real estate question.
This entry was posted on January 12th, 2017 by Bonny Klassen | Posted in General