Articles
by Michael C. Lount, B.A.Sc., AACI

Facts on B.C. Property Assessments and the 2021 Assessment Roll
MEDIA BACKGROUNDER 2021 for immediate release

• Total number of properties on the 2021 Roll is 2,114,885, an approximate one per cent increase from 2020.
• Total value of real estate on the 2021 Roll is about $2.01 trillion, an increase of nearly 4.2 per cent from 2020.
• Total amount of 'non-market change', including new construction, rezoning changes and subdivisions is approximately $22.1 billion, a decrease of almost -12.7 per cent from the 2020 Roll of $25.3 billion.
• In B.C., approximately 88 per cent of all properties are classified with some residential (Class 1) component. This equates to about $1.5 trillion of the value on the total provincial roll. These residential values are generally increasing modestly for 2021 in comparison to 2020.
• Approximately seven per cent of all properties are considered Industrial, Commercial and Investment (ICI) properties, accounting for approximately $377 billion of the value on the total provincial roll.
• As a result of the COVID-19 pandemic and based on the July 1, 2020 valuation date, the commercial and industrial sectors have seen moderate fluctuations varying in value with both decreases and increases depending upon the specific sector. These assessment values are largely driven by market demand and income activity.
• Many property owners proceed to a formal, independent review of their assessment. This is particularly important for Commercial, Industrial, Investment and high value residential.
• Assessments are the estimate of a property's market value as of July 1, 2020 and physical condition as of October 31, 2020. This common valuation date ensures there is an equitable property assessment base for property taxation.
• Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
• Real estate sales help determine a assessed property's value which is reported annually but is , of course subject to errors. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
• The Provincial Assessment Roll provides the foundation for local and provincial taxing authorities to raise billions of dollars in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.

MyCityTaxes.com website provides a information about assessments to help property owners Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties. Owners of Commercial, industrial, Investment properties may contact us at mclount@telus.net or call 604-727-7902

About the author

Michael C. Lount, B.A. Sc., AACI, is president of M.C. Lount & Associates Ltd., a leading expert in the field of property tax assessments. Mr. Lount is a 30-year member of the Appraisal Institute of Canada and holds their senior AACI designation. He also holds a Bachelor of Applied Science degree in Civil Engineering from the University of British Columbia. He can be reached at 604-727-7902 or contact us here

Remember, we are an independent company and are not affiliated with the provincial government assessment office - the British Columbia Assessment Authority.