2021 property assessments in the mail

Property owners can expect to receive their 2021 assessment notices this week, which reflect market value as of July 1, 2020.
Assessed values for homes in the Town of Gibsons rose two percent, while the District of Sechelt went up six percent. The average single-family residential home in Gibsons is valued at $671,000, compared to $657,000 a year earlier. And the average single-family residential home in Sechelt is valued at $600,000, compared to $568,000 the previous year.
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” says BC Assessment Deputy Assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill, whereas the remainder of the year had a very steady and rapid recovery.”
“The commercial and industrial markets, however, have been much more varied with both decreases and increases depending upon the specific sector,” adds Murao. “While commercial sales activity has remained low, value changes have been moderate across many property types.”
For the Lower Mainland region, the overall total assessments have increased from about $1.41 trillion in 2020 to about $1.46 trillion this year. Over $15 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.
“Those who feel that their property assessment does not reflect market value as of July 1, 2020, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Murao. “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by Feb.1, for an independent review by a Property Assessment Review Panel.”
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government and typically meet between Feb. 1 and March 15 to hear formal complaints.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Murao. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
As BC’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. Their website at bcassessment.ca includes more details about 2021 assessments, property information and trends such as lists of 2021’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2021 property assessments for anywhere in the province. Property owners can also unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use their interactive map. The Local