The new BC Assessment figures are in and many homeowners may notice a slight decrease on this year’s home values. That’s not necessarily a bad thing though, as your property tax rate is linked to the current assessed value of your home. Lower assessed value means lower property taxes.

It’s also important to keep in mind that the assessed value of your home does not always equate to the actual value of your home. Since BC Assessment doesn’t visit each property, assessed values are determined for the most part by using automated and statistical calculations based on sales data from July 1 of the previous year. They do not usually take into account any upgrades or renovations done within the home that did not require a permit being pulled at the municipal office.

If you disagree with the newly assessed value of your home, the first step is to compare it with the assessed values in your area. You can get access to  these numbers by checking e-valueBC at www.bcassessment.ca.

If you still find the numbers to be out of line, the next step is to contact a BC Assessment appraiser at your local assessment office and discuss how the value was determined. If both you and the appraiser agree that the values are incorrect, the assessment can be altered and you can avoid the somewhat difficult appeal process.

If you still disagree with the evaluation you can choose to go ahead with an appeal. You must submit your complaint by 11:59pm January 31, 2013. Click here for the BC Assessment fact sheet with details on the appeal process, what is required from you, and what you can expect during the proceedings.