Understanding BC E-Value and your BC Assessment
Homeowners are familiar with the BC assessment notice arriving in their mail in January but what does the E-Value mean to you?
BC assessment was established as the provincial standard, for each city town and municipality, to use as a baseline to calculate property taxes. But your E-Value may not accurately reflect the current amount you could sell your home for. Property taxes are charged to home owners annually and BC assessment does a value estimate once per year.
Time of year can affect how accurate your BC Assessment is
Values with BC Assessment and your E-value are assigned as of July 1st of the previous year. As you might have guessed, the real estate market could change a lot. Possibly during the months between when the value is assigned and the time you receive your notice in the mail.
Condition of your home and property
Another factor in your BC assessment is the majority of homes being assessed are not personally visited by the provincial appraisers. BC assessment may have no idea you have done value adding renovations. Renovations such as equipping a brand new chef’s dream kitchen or transforming your yard into a gardener’s paradise. The home improvements could add actual value. If you were to sell your home this would not be reflected in your E-Value unless you sent an update statement in to let them know.
Wondering how accurate your E-Value is get in touch today! Our value estimates are always free of charge!