Be prepared: 2013 BC Assessment Roll out

In partnership with BCREA, BC Assessment released its 2013 Assessment Roll yesterday.
In addition to handling their own interviews, BC Assessment is encouraging the media to contact spokespeople from local real estate associations for their expertise and comment. From our Board, President Scott Olson is on stand-by armed with Fraser Valley data relevant to news outlets.
As a REALTOR®, you may receive inquiries from your clients particularly if they don't understand or are dissatisfied with their assessment, which for this year's Roll may be the situation for some property owners because their assessed value (upon which their property taxes are based) could be higher than their home's current market value.
As you are aware, but many members of the public are not, assessed values are always an estimate of market value as of July 1 of the preceding year ( five months prior to the roll being released). Therefore, if the market has fluctuated either up or down in that time, it's possible that given current market conditions a home could be "over-valued" or "under-valued."
We can all empathize with the frustration or concern a homeowner could experience if they perceive that they're being over-charged taxes on an asset that has since depreciated in value. For example, a typical single family detached home in South Surrey/White Rock is valued at $850,000 today; however the 2012 assessed value is $897,000.
BC Assessment says REALTORS® can play an important role in educating the public. Here is key information for you to share:

• Assessed values in the Fraser Valley have been relatively stable from 2012 to 2013.
• Assessed values are an estimate of market value as of July 1 and from July 1, 2011, to July 1, 2012, the market in the valley was relatively stable.
• When the assessment notices are mailed in January the assessed value may be higher than the current market value because the market started to soften after July 1 (our valuation date).
• Property owners can check their assessments using "e-value BC" on BC Assessment's website by reviewing information about their property and comparing to properties that have sold.
• If they still have concerns about their assessment they should contact BC Assessment prior to January 31 to discuss their concerns or file a complaint to the Property Assessment Review Panel.

According to BC Assessment, most owners of single family detached homes in the Fraser Valley will see modest changes in their assessments "in the range of -5 per cent to + 10 per cent."
For more information, go to www.bcassessment.ca.