BC Assessment Value vs. Market Value — What’s Your Home Really Worth?
Every January, homeowners across British Columbia receive their BC Assessment notice and inevitably ask: “Is this what my home is worth?”
The short answer: Not necessarily.
Your BC Assessment plays an important role in determining your property taxes, but it doesn’t always reflect your home’s true market value — the price a buyer would actually pay in today’s real estate market. Let’s break down the difference, why it matters, and how to get the most accurate picture of your property’s worth.
What Is BC Assessment?
BC Assessment is a provincial Crown corporation that determines the taxable value of properties across B.C. every year. This assessed value is used by your local municipality to calculate property taxes.
Assessments are based on data from July 1 of the previous year, meaning the numbers can already be six months out of date by the time you receive your notice.
While the BC Assessment offers a consistent and predictable base for taxation, it’s not designed to reflect real-time market conditions or the emotional factors that drive buyers to pay a certain price.
How BC Assessment Values Are Calculated
Assessors don’t visit every home in person — instead, they rely on property data, sales records, and general characteristics such as:
- Location: Desirability of the neighbourhood.
- Home size: Square footage and number of rooms.
- Lot size: Larger lots generally carry more value.
- View: A sweeping mountain vista is worth more than… say, a dumpster view.
- Age of the home: Newer properties often appraise higher unless historic value is a factor.
- Add-ons: Garages, carports, decks, or other features.
- Comparable sales: Similar homes that sold in the area prior to July 1.
It’s a broad-strokes valuation, which means your property’s unique features — or recent updates — may not be fully captured.
How BC Assessment Impacts Your Property Taxes
Your assessed value is one of the biggest factors in calculating your property taxes, but other elements also play a role:
- The tax rate set by your municipality
- Your property’s classification (residential, commercial, etc.)
- Whether your city uses land averaging
- Any minimum municipal tax amounts
If you believe your assessed value is too high, you can file an appeal — common if renovations in your area drove up neighbourhood values but your home hasn’t been upgraded.
What Is Market Value?
Market value is the price a willing buyer and a willing seller agree on in today’s market. It’s based on real-time conditions and a more in-depth evaluation of your property.
To determine market value, a licensed real estate appraiser or REALTOR® will consider:
- Neighbourhood appeal — schools, amenities, and transit access.
- Lot characteristics — slope, trees, or potential for future builds.
- Home layout & design — open concept, functional flow, and natural light.
- Condition & maintenance — roofing, paint, appliances, and other upgrades.
- Renovations & features — kitchens, bathrooms, outdoor spaces, garages.
- Market trends — whether it’s a buyer’s or seller’s market.
- Recent sales — comparable homes sold within the last 90 days.
Unlike BC Assessment, market value reflects both the tangible and intangible elements that influence a buyer’s decision.
Key Differences: BC Assessment vs. Market Value
- Purpose: BC Assessment is for property taxation; market value is for buying/selling decisions.
- Timing: BC Assessment is based on past data (as of July 1); market value is current.
- Detail: BC Assessment uses general property data; market value includes a full, in-person evaluation.
Why This Matters for Homeowners
If you’re buying, selling, refinancing, or simply curious about your property’s worth, it’s important not to rely solely on your BC Assessment. It’s a useful reference, but not a pricing strategy.
The most accurate way to know what your home is worth right now is through a professional market evaluation from a REALTOR® or an independent appraisal.
Thinking About Selling or Just Curious?
If you want a clear, current picture of your home’s value — and insights on how to maximize it — I can provide a complimentary, no-obligation market evaluation. You’ll get a realistic view of where your property stands in today’s market and strategies to help you get top dollar when you’re ready to sell.
