Assessment Vs. Appraisal
Do You Know What The Difference Is?
The BC Assessment ties into multiple things. Property taxes are somewhat intertwined with that, based on the value of your home.
That's essentially your city's assessment of the value of your home.
The appraisal on the other hand is a lot more current. Banks, lenders, anyone that's giving you financing on a property, they are not going to take your assessment value into consideration because it's not overly relevant in today's market. The appraisal, on the other hand, is a much more detailed report, you typically have to pay for it. There's licensed appraisers that are going to come and see your property to compare it to recent sales that are similar to your property. This is done to justify the current market value of your home.
*Appraisals are much more convenient. They would be considered true value, where those assessments are tied to your property tax.
Your property tax is calculated based on what your assessment is.
If you get a low assessment in July, I'd be happy about that because that likely means your property tax isn't going to go up as much as it could have in some cases. Your property tax could go down, very rare, but it could go down. Those assessments are nothing to get upset about. If anything, you should be happy.
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