WHEREAS limited and infrequent property sales may not accurately reflect market values in many rural areas of British Columbia; AND WHEREAS the BC Assessment Authority is legislated to use mandated formulas based on market data when assessing residential properties, and this has historically contributed to significant shifts in the assessed values of properties in some rural communities: THEREFORE BE IT RESOLVED that UBCM urge the provincial government to provide the BC Assessment Authority with more flexibility when assessing properties in rural British Columbia.
Ministry of Community, Sport Cultural Development Market value assessment is widely considered to be the fairest system for distributing the property tax burden. The real estate market is the single biggest influence on market values. In addition, when establishing the market value for a particular property, BC Assessment BCA considers each propertys unique characteristics, including size, layout, shape, age, finish, quality, number of carports, garages, sundecks as well as the condition of buildings. Services in the area, location, views and neighbourhood may also influence a propertys market value. Government appreciates that limited and infrequent property real estate sales data may impact assessments of some rural properties. However, maintaining market value as the basis for determining assessed value assures long term fairness and consistency. It is also important therefore, that property owners initiate discussions with BCA regarding any concerns with their annual assessments and access the property assessment appeal process if they are not satisfied.