Encyclopedia
BC Assessment
The provincial Crown corporation that values every property in BC each year and sets its property class. Local governments use those values to set property tax.
For example: A business owner finds the property class and assessed value of a building they lease on BC Assessment's site before discussing property tax with the landlord. (Illustration only, not a real deal.)
Official source: BC Assessment appeal guide
Example only, not a real client. Say you buy a building and receive your first assessment notice. You check the property details and value against similar properties, so you know whether to ask for a review.
What I’d tell a friend
Read your assessment notice each year. It drives your property taxes.
Why it matters to you
Your assessed value drives your property tax, and on a net lease your tenants' costs too. If it's too high, you only have a short window early in the year to appeal, so check the notice when it arrives.
How to use it in your deal
Owners should read the notice as soon as it arrives, check the value, class and property details, and compare with similar properties using BC Assessment's online tools. If something's wrong, contact BC Assessment first, then file a formal appeal before the deadline, usually January 31. Buyers should look at assessment history and think about how their purchase price may affect future values.
Tenants on net leases should know assessments drive taxes they pay. Landlords should consider appeals on behalf of tenants, and tell them when one is filed. If you're redeveloping, ask about how land and improvements are split, because a building near the end of its life may carry little improvement value.
Owners of properties with mixed uses should check that each portion is in the right class, since business class pays much more than residential. Keep the notice: lenders, appraisers and buyers will all ask for it.
Mistakes I see
Missing the appeal deadline. Assuming assessment equals market value. Ignoring class errors. Not checking property details.
In BC and Vancouver
The Assessment Act sets the process. BC Assessment publishes values, appeal steps and classes.
Official sources: BC Assessment appeal guide · BC Assessment · Prescribed Classes of Property Regulation (BC Laws)
What it is
BC Assessment is the provincial Crown corporation that values property in BC each year for taxation.
Assessments are based on market value at a set date.
What to do
Review the details and value on your notice.
Contact BC Assessment or appeal by the deadline if you disagree. Bring evidence such as comparable sales or assessments.
Tenants paying taxes in a net lease may want to ask the landlord to review it.
Questions to ask before you sign
- Is the value right?
- Is the class correct?
- What are similar properties assessed at?
- When's the appeal deadline?
Keep reading
Related terms: Assessed value, Assessment appeal, Class 6 Business and Other
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General information for British Columbia only. It isn’t legal, tax, accounting or financial advice, laws and rates change, and reading it doesn’t make you my client. Any numbers or scenarios are hypothetical. Check the linked official source and talk to a lawyer, accountant or other qualified professional before you act or sign anything. See the terms and disclaimer.