Is BC Assessment accurate?
Is BC Assessment accurate?
How much is my home worth?
If you’re thinking of buying, selling, estate planning, or refinancing, you might be wondering “is my BC Assessment accurate?” or “how much my home is worth?”. There are two basic ways to find out: order a home appraisal and review a BC Assessment. But what’s the difference between them and which one should you choose?
Let’s break it down for you.
REAL ESTATE APPRAISAL COMPARED TO BC ASSESSMENT
A home appraisal is a professional opinion of how much your home is worth in the current market. You might need an appraisal for things like getting a mortgage, setting a listing price, settling a legal dispute, or calculating capital gains. The BC Assessment Authority is a government agency that assesses all the properties in British Columbia every year to determine how much tax you have to pay. The BC Assessment is based on the market value of your home as of July 1 of the previous year, so it might not reflect the current market conditions.
WHY ARE THEY DIFFERENT?
A home appraisal is usually done by a licensed appraiser who works for a private company. The appraiser will visit your home and inspect its features, condition, size, location, and other factors that affect its value. The appraiser will then compare your home to similar homes that have sold recently in your area and write a report with their findings. The appraisal is usually ordered by the lender who is giving you a mortgage, but you have to pay for it. You can also order your own appraisal if you want to know how much your home is worth for other reasons.
A BC Assessment is done by a BC assessor who works for the government. While they use data from sales, building permits, land titles, and other sources to estimate its value, it may not capture the full picture, as it doesn’t involve a physical inspection of your home. The assessor will then send you an assessment notice in January with their findings. You can also check your assessment online or compare it to other properties in your area.
WHAT THEY CONSIDER?
A home appraisal considers many factors that affect your home’s value, such as:
• How desirable your neighbourhood is
• How old and well-maintained your home is how is its curb appeal
• How big your home is and how many rooms it has
• How many upgrades and renovations you have done
A BC Assessment considers some of the same factors, but not all of them. For example, the BC Assessment does not take into account the interior condition or features of your home, unless they are visible from the outside or affect the structural integrity of your home. The BC Assessment also does not consider the market trends or fluctuations that might affect your home’s value throughout the year as the analysis was completed July 1 of the previous year.
• How desirable your neighbourhood is
• How old and well-maintained your home is how is its curb appeal
• How big your home is and how many rooms it has
• How many upgrades and renovations you have done
A BC Assessment considers some of the same factors, but not all of them. For example, the BC Assessment does not take into account the interior condition or features of your home, unless they are visible from the outside or affect the structural integrity of your home. The BC Assessment also does not consider the market trends or fluctuations that might affect your home’s value throughout the year as the analysis was completed July 1 of the previous year.
CONCLUSION
In conclusion, when determining the values of your home, the choice between a real estate appraisal and a BC Assessment depends on your specific needs and circumstances.
The depth of analysis needed and the purpose for which the valuation is required are reasons that may influence your decision. If your primary concern is meeting tax obligations based on standardized assessment, the BC Assessment may be a suitable choice.
However, if you are looking for a comprehensive evaluation tailored to your property’s specific features with the most up to date value, a home appraisal is likely the preferred option.
The depth of analysis needed and the purpose for which the valuation is required are reasons that may influence your decision. If your primary concern is meeting tax obligations based on standardized assessment, the BC Assessment may be a suitable choice.
However, if you are looking for a comprehensive evaluation tailored to your property’s specific features with the most up to date value, a home appraisal is likely the preferred option.
WesTech Appraisal is your trusted Lower mainland appraiser of choice, offering you the best experience and the highest quality service. Contact us today to find out how we can help you with your appraisal needs.