Lower Mainland 2021 Property Assessments in the Mail
VANCOUVER, British Columbia, Jan. 04, 2021 (GLOBE NEWSWIRE) — In the next few days, owners of more than 1,056,000 properties throughout the Lower Mainland can expect to receive their 2021 assessment notices which reflect market value as of July 1, 2020.
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” says BC Assessment Deputy Assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”“The commercial and industrial markets, however, have been much more varied with both decreases and increases depending upon the specific sector,” adds Murao. “While commercial sales activity has remained low, value changes have been moderate across many property types.”As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.The table below indicates British Columbia’s estimated range of percentage changes to 2021 assessment values for residential properties compared to 2020. Please note property assessments may vary by jurisdiction or municipality across the province.For the Lower Mainland region, the overall total assessments have increased from about $1.41 trillion in 2020 to about $1.46 trillion this year. Over $15 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.The summaries below provides estimates of typical 2020 versus 2021 assessed values of properties throughout the region.These examples demonstrate market trends for single-family residential properties by geographic area:**All data calculated based on median values.These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select urban areas:**All data calculated based on median values.BC Assessment’s website at bcassessment.ca includes more details about 2021 assessments, property information and trends such as lists of 2021’s top valued residential properties across the province.The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2021 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor Bryan Murao.“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by February 1st, for an independent review by a Property Assessment Review Panel,” adds Murao.The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Murao. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”Have questions?Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.Media contact:Tim Morrison, Senior Communications Advisor
Tel. 1.866.825.8322 Ext. 00135
Email: [email protected]Note that downloadable video/audio media clips of BC Assessment Deputy Assessor Bryan Murao’s commentary regarding 2021 property assessments are available at BC Assessment’s website on our Media Kit page at this link: https://info.bcassessment.ca/about/contact/Pages/Media-Kit.aspxMEDIA BACKGROUNDER
January 4, 2021Facts on B.C. Property Assessments and the 2021 Assessment RollTotal number of properties on the 2021 Roll is 2,114,885, an approximate one per cent increase from 2020.Total value of real estate on the 2021 Roll is about $2.01 trillion, an increase of nearly 4.2 per cent from 2020.Total amount of ‘non-market change’, including new construction, rezoning changes and subdivisions is approximately $22.1 billion, a decrease of almost -12.7 per cent from the 2020 Roll of $25.3 billion.In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to about $1.5 trillion of the value on the total provincial roll.Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.Assessments are the estimate of a property’s market value as of July 1, 2020 and physical condition as of October 31, 2020. This common valuation date ensures there is an equitable property assessment base for property taxation.Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise billions of dollars in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment”. For more information on the 2021 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit bcassessment.ca and click on the “Property Information & Trends” link. PDFs accompanying this announcement are available at:http://ml.globenewswire.com/Resource/Download/5cbb3b7c-66bf-4f31-996b-89640e6744e4http://ml.globenewswire.com/Resource/Download/276a10f1-e944-4725-915b-8b56bba15c84