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Property assessments expected to rise in B.C. despite shifting real estate market

Despite a cooling housing market, the value of most homes in British Columbia is expected to rise considerably.

B.C. Assessment will release its 2023 assessments and warns owners of a five to 15 per cent jump in property values. Estimates are based on real estate trends as of July 1, 2022.

“I want to emphasize that assessments are based on July 1 values of this year, meaning that when similar properties were sold up to and around July 1, those market value sales are used to calculate your assessed value,” says Bryan Murao, an assessor with B.C. Assessment, in a press release.

B.C. Assessment says it analyzes the real estate market shifts throughout the year, though annual property assessment values are always based on the same date.

Murano adds, “An increase in assessment value does not, however, necessarily result in an increase in property taxes. Taxes are typically only affected if you are above the average value change for your community.”

Property owners will receive their annual property assessment notices in early January 2023.

 

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