Property Assessment Value Changes

Property Assessment Value Changes

Assessment changes for 2025

Through its annual appraisals, provincial crown corporation BC Assessment Authority is responsible for establishing the monetary value of each property in BC. Each December, BC Assessment provides early assessment notices to property owners about significant property assessment increases due to take effect in the following year. BC Assessment mailed all the 2025 assessment notices the first week of January. If you didn't receive your notice, please contact BC Assessment.

How are property assessments determined?

BC Assessment uses a number of factors in determining property assessments; however, the real estate market is the main driver for assessment changes. Property values usually change as a result of real estate market forces and these forces vary by property type and location. If a property was upgraded, the value will likely increase. Market value for assessment purposes in BC is the most probable price of a property in an open market between a willing purchaser and seller.

Have you heard about Section 19(8) of the Assessment Act: Special assessments for certain long-term residents? 

Section 19(8) of the Assessment Act allows certain residential land to be assessed at less than market value where the owner qualifies and provided the property has potential for development for a more valuable use than its current use. If your property qualifies for assessment relief under section 19(8) based on the application you have submitted, it will be valued based on its current use. Your property’s assessment is re-evaluated each year and may change if the market values of the comparable properties change. Learn more and apply: www.bcassessment.ca.

Do you have questions or concerns regarding your property assessment?

  • Check that all the details on your assessment notice are correct.
  • Consider the value of similar properties in the neighbourhood and what your property may have sold for on July 1st.
  • Contact a BC Assessment advisor for further information.
    Phone: 1-866-825- 8322 (1-866-valueBC)
    Email: BC Assessment fillable email form

Property owners can challenge the value assigned in their property assessment by filing an appeal with BC Assessment. If you want to appeal your assessment, the deadline for filing a complaint is shown on your assessment notice–the deadline is normally on or about January 31. Details of the appeal process can be found on BC Assessment’s website, via the Appeal Guide.

Impact on property taxes

An increase in assessed value doesn't necessarily result in an increase in your property taxes. The amount of property tax payable depends on a number of factors, including:

  • the value of your property in relation to the average value of properties in the same classification
  • home owner grant eligibility
  • any increase in the annual tax levy

However, anyone who received an early assessment notice from BC Assessment may experience a higher increase in property taxes as compared to those owners whose increase is in line with average property values. For more information on how property taxes are calculated, please view the video below.

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