The video below gets into a specific example using the two properties that I own. The links below will help you find your assessment and estimate what you will owe this year (if your property is in New West).
Assessments are always a talking point this time of year. The most important thing I want you to know is that the assessment is not intended to represent what your home should sell for. For starters, the assessment is based on values as of July 1 2017. A lot has changed since then. In addition, the goal of the assessment authority is not to provide an exact market value. If they strive to get too close to perfection they run the risk of being perceived by many as being incorrect. They’re big fear in that scenario is a giant wave of complaints and appeals flooding in.
When should you appeal your assessment? The important differentiator you are looking for is the average increase for your area. If most homes in your area went up 15% and your property went up 30% then it’s worth investigating if that difference is warranted. It’s that type of scenario that will have your property taxes going up more than average. Of course, the actual valuation has to be out of line for them to even consider your appeal.
Send me a direct message if you want to talk about it more. I usually help a few people each year gather information to help appeal their assessment.
Helpful Links:
BC Assessment – https://www.bcassessment.ca/
New West Property Tax Information (Mil Rates, Due Dates, and more) – https://www.newwestcity.ca/city_hall/finance-taxes-and-budgets/taxes-and-utilities
New West Property Tax Estimator – http://taxestimate.newwestcity.ca/