2020 BC Assessments Due
Whether you’ve already received yours or are expecting one soon, if you’re among the 374,600 property owners throughout Vancouver Island to receive a 2020 assessment notice from BC Assessment, you may already be reevaluating your future property decisions for the coming year.
These assessments — which reflect property values as of July 2019 — are issued yearly by BC Assessment based on their yearly analysis of the relevant data. The picture that’s being painted is one of relative stability, especially in the southern areas of Vancouver Island, with shifts falling primarily in the range of -5% to +5%. However, further upland there are more significant examples of volatility, especially in terms of price increases.
The Key Facts
The total number of properties included in the 2020 Assessment is 2,091,135 — up 1% from last year
The total value of these properties is approximately $1.95 trillion — down 2.5% from 2019
On average over 98% of all property owners accept their property assessment without requesting a formal independent review
When estimating a property’s value, the appraisers take into account current sales as well as individual factors such as size, age, quality, condition, and location
For more detailed information, and for a wide variety of helpful search tools that will allow you to search by location, compare properties, and access trends and other valuable information, you can consult BC Assessment’s official website.
For the best advice when it comes to buying and selling your property there is no substitute for consulting the experts — and we have a proven track record when it comes to helping people secure the outcome they want. Contact us today to find out more.