Property Assessment

The value of a property for taxation purposes is determined by BC Assessment , an organization that is independent from the municipality. BC Assessment mails a Property Assessment Notice to the registered property owner on December 31 each year. Property assessments provide the market value of a property.

Provincial and local governments use property assessments to determine what tax rates may be required to ensure the revenue needed to pay for public services. Other taxing authorities set tax rates through assessed value of properties.

Relationship between Property Taxes and Assessments

The following video provides an animated explanation of the relationship between your assessment value and your property taxes.

2020 Property Assessment Notices are in the Mail

Mailed out by BC Assessment – see example below.

You may be wondering how the change in your property’s assessed value may potentially impact your 2020 taxes.

View the BC Assessment video  designed to provide an explanation, or visit BC Assessment on YouTube  for additional videos.