BC assessments are out: most homeowners in BC saw their properties rise in value by 5%-15% from last year's assessed value. However, 2023 assessments released this week come with a cautionary note from B.C.'s property assessment agency: the figures are based on sales data from July 1st 2022 and do not reflect the current market in a climate of rising interest rates and slowing home sales.
Important to note:
*The assessed value of your home is not necessarily the same as market value. This is a tool used by the province of BC to assess your property taxes, not an accurate estimate of your current home value.
*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.
*To fully understand your home's market value, it is important to consider a multitude of factors: the current market conditions, comparables, interest rates, renovations, internal layout ect.
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