Understanding Your BC Property Assessment and Its Real Market Value
Happy New Year!
With the arrival of 2025, many of us are setting new goals. If buying, selling, or even staying put in your home is part of your plan, understanding your property assessment can help guide your decisions.
BC Assessments just released the new property assessed values which can be viewed here just by typing in your address.
Assessed values have their role in the real estate market but before automatically assuming the assessed value is the market value there are some things you should know.
The main factor is the values are a reflection of your home’s value as of July 1, 2024. These assessments are useful tools but often misunderstood. Here's how they apply to you:
What You Need to Know About Property Assessments
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Assessment vs. Market Value:
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Assessment: A baseline value for property taxes. It’s based on market trends and comparable sales from six months ago.
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Market Value: A real-time estimate considering current conditions, recent renovations, or unique property features that assessments often overlook.
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Pros and Cons of High vs. Low Assessed Values:
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High Assessment: Reflects increased home value and perceived value to a potential buyer especially when comparing to neighbours that have sold but this will lead to higher property taxes.
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Low Assessment: Lower taxes but some buyers put a lot of weight on the Assessed value when structuring offers, it is a flawed strategy but may undervalue your home's market potential if you are planning on selling.
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Limitations of Assessments:
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Assessed values do not account for recent renovations, finished basements, or changing neighborhood dynamics.
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They’re already 6 months old, so they may not reflect today’s market trends.
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How to Use Assessments Effectively
Assessments are just one piece of the puzzle. A more accurate way to value your home is by comparing its assessed value to recent sale prices in your neighborhood. This can help gauge whether your property is over or under-assessed and its potential market price. Knowledge is power, if are curious of what homes are selling compared to assessed values right now in your neighbourhood just let us know here, we are on a mission this year to provide as much value as possible with zero obligation.
Planning for 2025
If selling, buying, or exploring options is part of your New Year’s goals, now is the time to make informed, educated decisions. I’m here to help you:
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Compare your assessment to current market conditions.
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Understand your property’s true market value.
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Navigate appeals or reviews if you believe your assessment isn’t accurate.
If you or someone you know would benefit from regular market updates, I’d love to help grow this email community to support more people in making informed decisions. They can signup here or just reply to the email with them CC’d and we can make it happen.
Knowledge is power, and I’m here to empower you in all your real estate endeavors. Let’s make 2025 your year to achieve your goals—whether staying put, buying, or selling.
Feel free to reach out for a personalized property report or to discuss your goals.
Here’s to an informed and successful 2025!
Cheers to a great 2025!
Mark and Maddie Coons
Selling Kelowna Real Estate Group
eXp Realty
778-744-0872
