Monday, January 5, 2009

BC Assesment

It’s hard to believe that it’s 2009, and yes that time of the year when Assessment Notices find the way into property owners mailboxes. In light of the provincial Real Estate economic conditions, the government has made some changes to the assessments for the upcoming year.

Below is an excerpt, from the BC Assessment website which outlines some of the changes…
In addition to the changes this year, the 2009 assessment roll information is now available online, so you can check your assessment, and compare it with the neighboring homes. (Just a tip for Gabriola Island– we are considered part of Central Vancouver Island for the general area), in addition you can view the recent sales of comparable properties. These are posted online until February, and can be viewed at: .

2009 Assessment Roll

In light of recent global economic events, the provincial government has taken steps to provide new stability for homeowners concerned about fluctuating property values.For the 2009 Property Assessment Roll only, BC Assessment will be providing property owners with the market value of properties as of both July 1, 2007 and July 1, 2008. The lower of these two values will become the 2009 assessed value for most properties.

Why is the B.C. government doing this?

The B.C. government is taking additional steps to give property owners certainty and confidence in the property assessment system in response to the rapid downturn in the real estate market. This measure will allow markets to stabilize and assessments to reflect proper market values. This action builds on government’s steps to improve the province’s competitiveness in the wake of the global economic slowdown.

Why adjust the assessment roll?

The Assessment Act requires 2009 property assessments to reflect market value as of July 1, 2008. As July 1, 2008 was near the peak of B.C.’s real estate market, using this valuation date would mean that 2009 assessed values for most properties would increase from their 2008 assessment.

Through these measures, the 2009 values for property will produce a more accurate, fair and stable outcome for property owners during this highly volatile period for property valuations.

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