What's Up With 2011 Property Assessments ?

If you haven't yet received your 2011 Property Assessment, you will shortly.  Whether buying, selling, or just home-owning, it is important that you understand that BC Property Assessments do NOT necessarily equate to market value !  At this LINK, there is an explanation as to why.  Note that the assessments are as of JULY of the PREVIOUS year.  The most recent major change in our marketplace was 2009's recovery over 2008's dismal year end.  In comparing July 2010 to July 2009, then, BC Assessment would register a very large change in values, as the majority of their information comes from MLS sales.  This is partially why most people will find that their 2011 assessment is up substantially over 2010.  In reality, median price on the North Shore did not change substantially in 2010 (up 5% compared to 2009).  Call us any time if you would like more information !  BC Assessment has all property assessments available online until March.   Check out their website for more information.  www.bcassessment.bc.ca