The deadline to appeal your property assessment by BC Assessment is coming up fast. The deadline to appeal is January 31, 2022 for the current years assessment. The valuation date that they used was July 1, 2021. That means your property assessment shows an estimated value of your home as of that date.
Your property assessment forms the basis on which your property taxes are levied. The higher your assessment, the more property tax that you pay! That is why it is very important that you ensure it is a a reasonably accurate indication of market value.
The Fraser Valley housing market had been hot all throughout 2021, even after July 1, in terms of sales and prices. It is likely that your property tax bill is going up therefore. The tax rate will be applied to a higher assessed value, that is up big for many property owners. Fraser Valley housing markets like Surrey, Langley, Abbotsford, Mission and Chilliwack have been especially hot.
A good tool that you can use to help you double check the accuracy of their figures, is BC Assessment's "Assessment Search" tool on their website.
Here is the link:
With this search feature they provide, you can compare your assessment to those of neighbours around you, in your area. You can also look up some recent sales that they may be relying on to form your value.
If you think your assessment is wrong, give them a call to discuss your figure. If you still aren't satisfied, then make sure you file an appeal before the January 31 deadline. We already pay a lot of tax in Metro Vancouver and BC generally. Don't fork over any more than you should be, due to an over-estimate of your home's value.