You may have recently received a 2023 BC Assessment in the mail. This assessment is a document from the provincial government with an assessment notice of what the governmen believes is the value of your property as of July 2022.
THE 2023 BC ASSESSMENT RESULTS
Upon looking at the assessments, we have learned that the average property increase of approximately 4% between July 2021 and July 2022. However please note that if your property value has gone up more than 4% there is a high chance that your property taxes will increase, so we recommend you be prepared for this. Alternatively, if your property value has gone down greater than 4% then your property taxes will likely decrease.
If you feel the evaluation does not align with market value, you can appeal this decision. Keep in mind that the appeal must be done by January 31st, 2023. The document will have instructions on the appeal process, should you wish to appeal.
Need help with the process? Give us a call. We'd be happy to come down to your neighbourhood and do an evaluation for you. We will take a look at your property in comparison to other properties in your neighbourhood and compare the property values.
REAL ESTATE TAX DUE DATES
We also received the 2023 advanced tax notice. This will be due February 2nd, 2022. What is the Advance Tax Notice? This is part of your property taxes that you will need to pay the province this year.
If you have a property that is currently sitting vacant, you will need to fill out the yellow form included in this package. This is also due February 2nd, 2022.
If you are not living in your home, or are not renting it out, please keep in mind that this tax has increased to 5%. The rule of thumb for this is to note whether your property has been sitting vacant for the last 6 months.
It is really important to make this declaration if you fall under this category. The reason for this tax is to urge property owners to either rent out their empty proprties or sell them.
If you have any questions about these taxes, please feel free to give us a call. We'd be happy to help.
Looking to sell your home? Looking to purchase a home? Contact us today and we can help you get started on your real estate journey!