What does it mean?
Is that all my home is worth??
Before you read too much into your assessed value, think to yourself - when was anyone from BC Assessment last through my home? If you're like most people the answer is that they have never seen the inside of your home. In order for them to have the manpower to actually appraise every property in BC every year - your taxes would have to go way up to pay for it. Most of the information they have about your home is from information gained from when it was built or renovated (provided permits were taken out for the work). Then they analyze the sales and other pertinent information for the last year to determine market fluctuations and trends.
Even if the Assessed Value is bang on - the information is from dates leading up to July of the previous year. A lot can happen in the 6 months prior to receiving your Assessment Notice.
We constantly see homes that sell for way over and way under assessed value - even on the same street in the same timeframe. Don't knock the Assessment Authority though because they don't need it to be exact for their purposes as they deal more with neighbourhood trends than individual homes.
Please do not buy or sell a home for assessed value thinking that it's a true evaluation. A lot more goes into the process when buying or selling a home.
If you are thinking of buying or selling a home please give me a call. I will make sure the valuation is right for you. You can rest assured that I will guide you all the way to the transfer of keys - and beyond.