Tax assessments should really not be used for an assessment of true value on your property.
First, you have to remember that the person—or machine—that is putting the value on your property has never seen it. They have no idea of its condition, floor plan, renovations or lack of renovations. Also, the assessment can be as much as a year behind.
Lastly, your assessment is based on average price in the area. That is likely the least reliable way to assess a property’s value. For instance, average price in the Okanagan Shuswap is up from 2017 to 2018. However, some of the higher priced property values actually came down. Property assessment is even less reliable for commercial properties. Many may dispute this opinion one way or the other. However, the proof is simple.
When we compare thousands of assessed values with actual sale prices it becomes obvious. The best way to find the value of your property is to get a free market evaluation done by a professional Realtor. Give us a call.
Bill Hubbard is a real estate broker and the owner and broker of a four-office real estate firm in the Okanagan-Shuswap. He has been in real estate for 28 years and has been an owner and broker in Vernon for 20 years. At almost 60 years old he is just as passionate about real estate as the day he started.
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