BC Assessment delivered its assessments early this month. If you haven’t already received your assessment by mail, you can research it on their website. The valuation number is based on their assessment of a property’s market value. It is used by taxing authorities for determining the share property taxes owners will pay. BC Assessment is a crown corporation set up to value real estate in British Columbia.
Excerpt from their FAQ
How is an assessment of property made?
BC Assessment has a professional appraisal staff and an extensive database that is periodically updated with information gathered through appraisal inspections. Municipal and provincial agencies inform BC Assessment of land title changes, building permit approvals and zoning adjustments. BC Assessment also considers a property’s unique characteristics, including location, size, layout, shape, age, finish, quality, carports, garages, sundecks and condition of buildings.
They encourage anyone who has questions to contact them.
There is also an appeal process if you have discussed your property with them and have not reached a resolution.