What is the difference between assessment value vs. market value? Let's break this down:
Assessment Value: Properties get a fixed valued once per year (assessed on July 1st) by BC Assessment for the purpose of calculating property taxes. BC Assessment considers size, layout, age, condition, location and recent sales in the neighbourhood to determine value.
Market Value: Can change week to week or month to month due to market conditions and is also determined on all of the above assessed factors however, will include the most recent comparable property sales in the neighbourhood and on a subjective level, market value can also incorporate how much someone is willing to pay for a home at a particular point in time.
Why are the numbers different? Market conditions can change quite quickly and therefore so will value. Also BC Assessment does not consider any interior improvements/renovations in the home as appraisers do not evaluate interiors of homes. Therefore, with improvements done on the home and in a Seller's Market, you may see a significant increase in the market value of your home.
If you would like to know your BC Assessed Value for your home in the Greater Vancouver Area, you can visit: The BC Assessment Website.
If you would like to know the Market Value of your home, visit my FREE Home Evaluation Page for a no obligation home valuation.