TERRA NOVA REAL ESTATE

What's it worth? Property Assessment Notices and What they mean.

Hello & thank you for dropping by this new Blog. Throughout BC, property owners have been asking lots of questions regarding their 2007 property assessment notices that they recently recieved. "WOW, HOW MUCH, CAN'T BE, SEE I TOLD YOU, HOW DO I/WE APPEAL THIS?" Often there is a difference between the property value on the assessment notice and the value determined by a Realtor. There are two reasons. The first has to do with when. The second has to do with how.

When: The assessment notice is BCA's estimate of the property's market value as of July 1, 20006. In comparison, a Realtor's market value assessment is typically current. In our active local market, six months can mean many thousands and even tens of thousands of dollars.

How: BCA has a database of 1.781 million properties. A BCA appraiser does not visit each property annually to update the database. Instead, they use what is known as a mass appraisal system, calculating values by evaluating prices for homes sold in each neighbourhood, or of similar unites in a strata complex as of July 1, and then applying the information to arrive at an assessed value. Realtors on the other hand determin the value of a property by scruitinizing the most recent comparable sales and examining contributing factors such as; curb appeal, exterior detail, major reno's, view lines, landscaping to name a few.

Overall, home values have increased on this year's assessment roll. Changes reflect the continued strength of our real estate market. See the attached pdf Assessment Changes in our local municipalities. Additionally, "Keepeing up with your neighbours" would you like to see how their value compares with your assessment? Until March 15, 2007 you can visit BC Assessment's website and get that comparison!

Go To:  http://www.bcassessement.bc.ca

For a COMPLIMENTARY MARKET VALUE UPDATE on your home, contact your area specialist - TREVOR BARNETT

NOTE: you have until January 31, 2007 to appeal your assessment.

Thank you for dropping by, I look forward to being of service to you soon!