Market Value vs Assessed Value

 

Property assessments are out this month and a lot of people have had varying reactions to the amounts they see when they open the envelope or log in online to check out their addresses.  Each year, properties in British Columbia undergo an assessment done by an independent source.  Assessments fluxuate, and often times, the assessed value of your home is not the same as what you’d see on MLS. 

 

Why are they different?

An assessment is conducted in BC each July.  It provides more of a forecasted view of what property values might look like for the coming year.   Assessments can be formally contested and adjusted, and generally, the assessments are not tied into what the market value of a home may be.

 

What determines market value?

Market value is basically defined as a value someone would pay for your home.  Market value is set forth by trends in the Real Estate industry and comparable sales in your area.  A great realtor (hint, like us) will be able to study and compare recent and past activity to accurately price your home in today’s market. 

Professional appraisers, whether independent or through a financial institution, quite often will do an appraisal on a home for financing. 

If you’d like to learn more about the market value of your home and how much you can receive for your home, please call us at 604-760-8995 for your complimentary market evaluation.  We also have a very easy form on our website that you can access here:  http://murphytimmis.com/home-evaluation.html

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