The latest BC Assessment results have now been published. Usually at this time of year, I send out my "Think Your BC Assessment Value is Out of Whack?" article, but this year I think we need to focus on a different tone: your BC Assessment value may be higher than the current market value of your place right now, and that's not a mistake.

The latest BC Assessment is based on market values as of July 1, 2022, NOT today's value.

Many Real Estate pundits identify July 2022 as near the tail end of the large increase in property values throughout the pandemic. With six months of rising interest rates and slowing home sales since then, today's market values are notably lower than the 2023 BC Assessment values.

Remember that just because your assessed value has increased, it doesn't necessarily mean your property taxes will go up. It's only if your assessed value increased at a higher rate than the rest of the properties in your classification. You can find more information about how your assessment may affect your property taxes HERE.

So before you try to challenge your BC Assessment this year, think about what the property was probably worth back in July.

You can find my advice when considering challenging a BC Assessment HERE, and an article on an interesting BC Assessment appeal from 2022 HERE.