Happy New Year often means happy new taxes and fees we all have to pay. Along with that comes the tax assessment notice from BC Assessment. Many homeowners in BC are seeing significant increases in the assessed value of their properties and getting worried about what that could mean at tax time.
But wait….tax assessments are just that. It’s the estimated market value of your property as of July 1, 2016 with an adjustment for physical condition as of October 31, 2016. Will this result in a higher tax bill?
An increase in property value for you will likely mean an increase in property values for all your neighbours as well. When everyone’s properties go up the same average amount, it doesn’t mean you will be paying higher taxes necessarily.