2013 Fast Facts on BC Assessment – Vancouver Real Estate
Fast Facts on BC Assessment
BC Assessment (BCA) is a provincial Crown corporation incorporated in 1974 underÂ the Assessment Authority Act. The mandate is to establish and maintain anÂ independent, uniform and efficient real property assessment system throughoutÂ B.C. in accordance with the Assessment Act.
- An assessment is the determination of a property’s market value,Â property classification and applicable exemptions. There are nine classesÂ of property in B.C.
- Total number of properties on the 2013 roll is 1,935,426, a 0.92%Â increase from 2012.
- Total value of real estate on the 2013 roll is $1,129,026,081,413, aÂ 2.30% increase from 2012.
- The 2013 Assessment Roll, our core product, represents over 1.9 millionÂ properties with a general taxable value of $983 billion. This is a 1.90 perÂ cent increase from the 2012 Roll total taxable value of $964 billion.
- The Assessment Roll provides a stable base for local governments andÂ taxing authorities in B.C. to raise over $6.2 billion in property taxes forÂ schools and important local services.
- BC Assessment determines a propertyâ€™s market value and sends theÂ owner(s) a Property Assessment Notice in early January. TaxingÂ authorities establish the property tax rate, apply it to the assessed valueÂ and send the owner a tax notice.
- BCA is funded from property tax levies and does not rely on grants orÂ government funding.
- There are 629 full-time employees at the 16 BCA offices throughout theÂ province.
Assessment Roll Statistics
- BCA added approximately $16.64 billion of value in â€˜non-market changeâ€™,Â including new construction and development to the 2013 Assessment RollÂ â€“ an increase of 2.30 per cent from the $14.69 billion of non-marketÂ change recorded on the 2012 Roll.
- In 2012, more than 98 per cent of property owners accepted theirÂ property assessment as provided by BC Assessment without proceedingÂ to a formal, independent review (appeal) of their assessment. Appeals inÂ writing must be filed by January 31.
- There are approximately 75 Property Assessment Review Panels (PARP)Â appointed and administered annually by the provincial government. More
- info: http://www.cd.gov.bc.ca/parp/index.htm
- In British Columbia, approximately 87.6 per cent of all properties areÂ classified as Residential (Class 1).
- BC Assessment prepared a total of 2,105, 741 assessment notices forÂ British Columbia property owners for the 2013 Assessment Roll. This isÂ an increase of 1.02 per cent from 2012. (Note: several properties haveÂ multiple owners who may each receive an assessment notice.)
- BCAâ€™s website www.bcassessment.ca features access to the convenientÂ and easy-to-use e-valueBC. This public audit feature, designed forÂ residential property owners, helps our customers ensure that theirÂ assessment is accurate by allowing them to easily compare theirÂ assessment to others in their neighbourhood.
- An e-valueBC feature called Property Details allows property owners toÂ view basic property details such as the number of bathrooms, bedroomsÂ and total square footage.
Visit www.bcassessment.ca where you can find a wide variety of usefulÂ information about the property assessment process, including theÂ Service Plan and Annual Report
If you have any real estate questions or if you are thinking of buying or selling your home, please contactÂ James Louie Chung, Greater Vancouver REALTORÂ® â€” Real Estate AgentÂ atÂ [email protected]Â or call / text ( 6 0 4 ) 7 1 9 â€” 6 3 2 8 today!