BC ASSESSMENTS ARE OUT!
Property assessments are typically based on the estimated value of a property for the purpose of determining the amount of property taxes that the owner will be required to pay. Check your BC Assessment HERE
FACTORS TAKEN INTO CONSIDERATION:
The assessed value is typically determined using a combination of factors such as the size and location of the property, the condition of the property, and the number of bedrooms. However, they often exclude any improvements or renovations that have been made to the property. For an assessment there is no site visit or walk through of the property which means they are going purely by the stats provided on the property.
WHY THIS COULD BE BAD:
Having an assessment that is too low or too high could hurt you when you decide to sell as even though it’s rarely an accurate estimate of market value, buyers will often base value off of this number. This could result in you getting a lower than expected offer on your home, or buyers wondering what is wrong with the property if you’re selling it less than assessed value.
DETERMINING MARKET VALUE:
Market value, on the other hand, is the price that a property would likely sell for in the current market. The two values may not be the same because market conditions can change rapidly and assessments are often based on historical data that may not reflect current market conditions. Use a professional appraiser or real estate agent for the best judge of market value where they walk through the home take into account all upgrades and renovations, properly measure your home, and compare it to recent sales in the neighborhood.
WHAT YOU CAN DO:
In BC, you have until January 31 to dispute your property assessment. If you need help determining the value of your home in the Merritt area, please reach out for a free home evaluation!
Set up an appointment with me to discuss your options at http://www.jaredthomas.ca and fill out the contact card!