As of now most Homeowners have received a property valuation from BC assessment. Pretty much everyone has seen an increase in their homes value from last year. Homeowners who are planning on selling this year are likely excited about this increase, while a lot of homeowners are afraid they will see a commensurate percentage change increase in their property tax.

Home Owners, your property taxes may not be going up this year even though you’ve seen a 25%-30% increase in your assessed value, it depends on the state of your neighbourhood/ municipality.

The following video was put out by BC assessment; it covers how municipalities assess property tax, while it’s a little corny it’s a very good basic overview of how this system works.

You can compare the value of your home to others in your neighbourhood by going to bcassessment.ca and using the e-value tool (It’s actually quite easy to use). If you feel your assessed value is out of whack with other properties in your neighbourhood you have until January 31st to file an appeal.

Check out this video for more info.