Is my BC Assessment what my home is worth?

Here's your real estate cheat code for today: your assessed value is your market value. Or if you live in a really nice area, add about 20% and that's what your home is worth.

Now that I've confused everyone by repeating what a lot of people unfortunately believe, here's the reality.

What your assessment actually is

Your assessment comes from BC Assessment, a provincial Crown corporation, and it's a snapshot frozen in time: July 1 of the previous year. So the number on your January notice is already about six months old the day you get it. It's used for one thing, and one thing only: calculating your property taxes.

What market value is

Market value is what a buyer will actually pay you today, based on current demand, your home's condition, the updates you've made, and what's actually selling in your area right now. In a fast-moving market, the gap between the two can be significant.

Why the two drift apart

• Timing. If the market has climbed or cooled since last July, your notice won't show it yet.
• Renovations. Updates may not show up until a later assessment, or at all if they were cosmetic and didn't need a permit. (And if they did need a permit and you didn't pull one, shame on you.)
• The details. Mass appraisal can't see your view, your layout or the state of your kitchen.

The lesson

Don't price your home, or judge someone else's listing, off the BC Assessment number alone. If you want to know what your home is actually worth today, that's a market evaluation, not an assessment. I've written more about the difference between a market evaluation, an appraisal and your assessment.

Want the real numbers for your home? Request a free home evaluation and I'll run them for you.