BC Assessment has released this year's data, which shows a sharp increase in values across the province. This has left many British Columbians feeling helpless and even anxious as they await their property tax notice, which will likely reflect the increase in the amount you owe.
Although your initial reaction to seeing the jump in value might feel like you have won the lottery, your BC Assessment holds no weight when it comes to officially proving the value of your home. In these instances, whether it be for re-financing purposes or other formal applications, you will require a licensed appraiser to conduct an appraisal.
BC Assessment is now utilizing real estate market data to conduct their assessments, which was not the case in previous years. It'll give you a snapshot of what your home value is worth that year according to the market stats, but it's main purpose is to determine how much property taxes each property must pay. And with home-owner's property values going up, that typically results in our annual property taxes increasing as well.
While home owners expect to pay property taxes, which go towards supporting your Municipality's plans, development and programs, we also want to ensure we paying our fair-share of those taxes. Since BC Assessment (most likely) has never been in your home, it is up to you to ensure that you are not being over-charged - and your West Kelowna Realtor, Jared Franczak & Associates, are here to help.
The Tax Fighter Guide is designed to give you plain answers to this process, and tell you where you can go for more information if you still have questions. Your appeal has to be filed by the end of January 2022. Please get in touch if you would like a copy of the guide.
The Tax Fighter Guide is designed to give you plain answers to this process, and tell you where you can go for more information if you still have questions. Your appeal has to be filed by the end of January 2022. Please get in touch if you would like a copy of the guide.
