As we approach the mid way point of the year, July 1 is an important day on the real estate calendar, in British Columbia. July 1 is the valuation date for the purpose of annual property assessments in the province. The property assessment notice that homeowners receive every January, is based on a preceding July 1 valuation date that BC Assessment uses to assess properties.
It is therefore a good exercise to give some attention to the sales that are occuring in and around your home or property, on either side of July 1. This assists in determining current market valuations. This will also help provide you with an idea of whether or not the valuation that BC Assessment assigns to your property is reasonable or not. If you determine or feel that the assessed value is out of line, then you have a right to appeal your assessment by January 31 of every year.
However, it is important that you have sales evidence to support your position on an appeal. If you would like to get an update on the value of your home, based on comparable sales around the July 1 valuation date, I would be happy to provide you with a FREE comparative market evaluation for your home. There are no strings attached to this complimentary service.
Contact me today to discuss current real estate market activity in your area.