THE BC HOME HUNTER GROUP - BC REAL ESTATE ASSESSMENT FACTS

(March 07, 2014 )

BC HOME HUNTER - REAL ESTATE ASSESSMENTS

BC assessments are received by many home owners in the first few weeks of January every year, and people are always asking our real estate team what the value of their home is compared to the tax assessed value.

The B.C. Assessment Authority’s goal is to be within 97% of market value, historically speaking and from what our in house real estate analyst (not a licensed realtor by design-which offers our clients further unmatched unbiased professional real estate services) Robert Pybus has calculated via our client property assessments (generally speaking) this is a plus or minus 15% fair assessment of home values.

Different factors will influence the value of a home: if the basement was finished, recent renovations (professional work with or without permits), a swimming pool etc. are all improvements that may have been made to a home and the Assessment Authority may not be aware of those changes.

If a home in the neighborhood sold in the last 12 months for a value much higher, or lower, than your home’s value then that will also affect the assessed value of your home.

People considering selling their home often ask if the tax assessed value of their home is going to have an impact on their sale price. Buyers will look at the assessed value, but because there are so many different factors that affect the value, most experienced buyers do not give much credit to a home’s assessed value. BC Home Hunter Group buyers today are knowledgeable about the market and have a good feel for what a home is worth based on others that are listed for sale and have SOLD recently.

Here are two examples of homes selling for a much different price than their assessed values: We sold a house last year that had an assessed value of $2,510,000 and the home sold for $2,870,000. Another that we sold was assessed for $622,000 and sold for $460,000.

If you have any questions about the value of your home compared to the Assessment Authority’s opinion of your home’s value, contact The BC Home Hunter Group’s business manager and real estate analyst Robert Pybus or our real estate sales manager, Mandeep Sendher and we will be happy to give you our award winning “15 Minute Home Evaluation” (no obligation whatsoever) of the real time market value of your home today and tomorrow. 

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