B.C. property assessment values expected to rise up to 15%
Most homeowners will see their property assessment values increase next year when BC Assessment's latest figures are released in January.
The corporation expects assessment values to increase by an average of five to 15 per cent compared to last year.
The assessments are based on values determined on July 1 of this year, and are compared to the same time period from the year before.
"Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined," said Bryan Murao, assessor with BC Assessment, in a release Monday.
"As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone," he said.
BC Assessment notes that if your property assessment value increases, that may not necessarily mean your property taxes will rise as well.
"Taxes are typically only affected if you are above the average value change for your community," said Murao.
"Our job is to make sure your assessment is a fair and accurate reflection of market value sales based on July 1," he said.
BC Assessment says its estimate that properties will increase in value by an average of five to 15 per cent is preliminary.
Confirmed property assessment information will be released on Jan. 3, 2023.
British Columbians will be able to search and compare 2023 property assessments through the BC Assessment website starting on Jan. 3.
CTVNews.ca Top Stories
Weather alerts issued for 7 provinces, 1 territory
Warnings of up to 60 millimetres of rain and other alerts have been issued for seven Canadian provinces and one territory ahead of the Easter weekend.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
Luxury cruise line selling world cruise suite for US$1.7 million
Luxury operator Regent Seven Seas Cruises is raising their price tag to eye-watering levels, with a suite on an upcoming 140-day world voyage costing US$1.7 million.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
A Filipino villager is nailed to a cross for the 35th time on Good Friday to pray for world peace
A Filipino villager has been nailed to a wooden cross for the 35th time to reenact Jesus Christ’s suffering in a brutal Good Friday tradition he said he would devote to pray for peace in Ukraine, Gaza and the disputed South China Sea.
Ontario homeowner on the hook for $27,000 when contractor severed power line
An Ontario man who built a garage on his property has been locked in a battle with his electricity provider for a year and half over a severed power line.
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
'Oppenheimer' finally premieres in Japan to mixed reactions and high emotions
'Oppenheimer' finally premiered Friday in the nation where two cities were obliterated 79 years ago by the nuclear weapons invented by the American scientist who was the subject of the Oscar-winning film. Japanese filmgoers' reactions understandably were mixed and highly emotional.