Property owners looking to appeal their 2017 assessments have until Tuesday, January 31, to file with B.C. Assessment.

Assessment information is used by municipalities and regional districts to help determine the appropriate tax rate (known as the mill rate) and taxes payable for each property in the province. Many property owners saw significant jumps in their property’s assessed value when annual assessment notices were mailed out in early January.

“Because the assessed value is multiplied by the mill rate to calculate your tax bill, an increase in your property’s assessed value doesn’t necessarily result in an equivalent percentage increase in your tax bill,” says Steve Blacklock, president of the BC Association of the Appraisal Institute of Canada (AIC-BC).

However, where tax bills can increase significantly, he says, is when a property’s assessed value increases dramatically more than the municipal average. “The key question to ask,” says Blacklock, “is ‘How did my assessment change relative to the average change in my property class in my specific area?’”

Much of that information is available on the B.C. Assessment website at www.bcassessment.ca, where homeowners can view assessments, compare sales of similar properties and view average “market movements” for each provincial jurisdiction.

If a property owner determines they want a review, they must file an appeal with B.C. Assessment by the end of January. A designated member of the Appraisal Institute of Canada can assist property owners with assessment reviews and potential appeals to the Property Assessment Review Panel (PARP). To locate a local AIC-designated appraiser, use the “Find an Appraiser” tool at www.aicanada.ca.

Assessment notices reflect the value of a property at July 1, 2016, prior to the implementation of the foreign buyers’ tax in Metro Vancouver and federal changes to mortgage rules (and subsequent cooling of the market). As such, Blacklock says, many homeowners are left wondering whether their valuations were “overly aggressive.”

“Appraisers familiar with your local neighbourhood and property type can complete a comprehensive valuation report determining market value at July 1, 2016 and provide analysis as to whether the 2017 Roll Value is reasonable compared to values and assessments of similar properties in the area.”

“If you have questions about how your assessed value is determined, contact B.C. Assessment directly,” says Blacklock. “If you feel the evaluation is inaccurate, talk to a professional appraiser.”