Sunday, January 17, 2010

Gabriola - Market Value and Property Assesments

BC Tax assessment notices were recently sent out to property owners, some owners saw an increase while others saw a dramatic decrease in the assessment of their property. The assessment notice that property owners receive reflects the the value as of July 1 of the previous year, in a changing market, on the day when assessments are sent out they are already 6 months old. There are important factors to consider when a buyer looks at assessment notices, homeowners in the same neighborhood may have protested their taxed value, there may have been a sale that skews the value, upgrades that didn't require a permit, and the length of time since the BC Assessment appraiser has conducted a property inspection.

The Market Value takes into consideration recent Real Estate transactions, supply and demand of housing in the local market, current economic situation, and mortgage rates. If your looking at purchasing a property, you may choose to get an appraisal rather than looking at the tax assessment as they will consider similar homes that have sold and replacement cost formulas based on current prices. Mortgage Lenders will likely require an appraisal to make sure you aren't paying more than market value.

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