Why Is My BC Assessment Value Different From My Home’s Market Value?

Applies to British Columbia, including Vancouver and the Fraser Valley Last updated: 2025-12-28

Many homeowners look at their BC Assessment notice and wonder why the number feels out of sync with what similar homes are selling for. This question comes up every year across Vancouver, Surrey, Langley, Delta, White Rock, and the wider Fraser Valley.

In most cases, the difference is not an error. It reflects how property assessments are designed versus how the real estate market actually works. Mansour Real Estate Group regularly helps homeowners understand this gap so they can make informed decisions around selling, refinancing, taxes, and long-term planning.

What most homeowners need to know upfront

• Your assessed value reflects an estimate of market value as of a specific past date.
• Market value reflects what buyers are willing to pay under current conditions.
• BC Assessment uses province-wide mass appraisal methods for consistency.
• Renovations, views, layout, and buyer demand can affect sale price without changing assessment.
• An increase in assessed value does not automatically mean higher property taxes.
• Assessment values are a reference point, not a pricing strategy.

Key terms explained simply

Assessed value: An estimate of a property’s market value used for taxation purposes, determined under BC’s legislated assessment framework.

Market value: The price an unencumbered property would typically sell for when given reasonable time to find a purchaser.

Valuation date: The date the assessment is based on, commonly July 1 of the year before the tax year.

Why these two values often don’t match

The assessment looks backward by design. BC Assessment values most properties based on a fixed valuation date. If the market changed after that date, the assessment will not reflect today’s conditions.

Consistency matters more than precision. Assessments are created using mass appraisal systems across large numbers of properties. This promotes fairness, but it cannot capture every detail that buyers respond to.

Buyers behave differently than valuation models. Sale prices are influenced by timing, competition, interest rates, and emotion. Assessment models intentionally remove those factors.

Questions homeowners often ask

Is BC Assessment supposed to match what my home would sell for today? No. It reflects value as of the valuation date, not current market conditions.

Does a higher assessment mean higher taxes? Not necessarily. Property taxes depend on municipal tax rates and how your change compares to others.

In Summary

BC Assessment values and market values serve different purposes. One supports consistent taxation across the province. The other reflects real buyer behaviour today.

About Mansour Real Estate Group

Mansour Real Estate Group, led by Mohamed Mansour, MBA and Associate Broker, supports homeowners across Vancouver, the Fraser Valley, and the Lower Mainland with valuation-driven guidance focused on timing, risk, and equity protection.

How Do I Appeal My BC Assessment If I Disagree With It?

Applies to British Columbia, including Vancouver and the Fraser Valley
Last updated: 2025-12-28

Every year, some BC homeowners receive their assessment notice and feel the value doesn’t reflect their property as of the valuation date. This is common in fast-moving markets like Vancouver, Surrey, Langley, Delta, White Rock, and Abbotsford.

BC provides a formal, structured process to challenge an assessment if the facts or comparable sales don’t support it. Knowing how that process works, and when it makes sense to use it, can help you avoid wasted effort and missed deadlines. Mansour Real Estate Group often helps homeowners understand whether an appeal is worth pursuing before time and energy are invested.

What most homeowners should understand first

• You can only appeal your assessed value, not your property taxes.
• The appeal is about accuracy as of the valuation date, not today’s market.
• You must first request a review before filing a formal appeal.
• Deadlines are strict and missing them usually ends the process.
• Comparable sales and factual errors matter more than opinions.
• BC Assessment may agree, partially adjust, or leave the value unchanged.

A few key terms worth knowing

Assessment review: The first step, where you ask BC Assessment to review the value and supporting data.

Property Assessment Appeal Board: An independent tribunal that hears formal appeals if the review does not resolve the issue.

Valuation date: The date the assessment is based on, typically July 1 of the year before the tax year.

Step one: review your assessment carefully

Start by checking the details BC Assessment has on file. This includes lot size, age, square footage, zoning, and classification. Errors in basic facts can sometimes explain a value that feels off.

Step two: compare sales around the valuation date

Focus on sales of similar properties that occurred close to the valuation date. Sales after that date generally carry less weight. This is where many appeals succeed or fail.

Step three: request a review with BC Assessment

If you believe the value is incorrect, you can request a review directly with BC Assessment. This is a conversation-based process where assessors may explain how the value was determined or make adjustments if warranted.

Step four: decide whether to file a formal appeal

If the review does not resolve the issue, you may appeal to the Property Assessment Appeal Board. This is more formal and requires preparation, evidence, and attention to timelines.

When appealing usually makes sense

• Key property details are incorrect.
• Comparable sales at the valuation date support a lower value.
• Your property is valued significantly higher than similar homes.

When appealing usually does not help

• You are reacting only to a higher tax bill.
• You are comparing to sales well after the valuation date.
• The assessment is generally in line with similar properties.

Common questions homeowners ask

Do I need a lawyer to appeal my assessment?
No. Many homeowners handle reviews and appeals themselves, though preparation matters.

Can my assessment increase if I appeal?
Yes. If evidence supports a higher value, the assessment can be adjusted upward.

Does appealing stop me from paying my taxes?
No. Property taxes are still due while an appeal is underway.

How long does the appeal process take?
Reviews often resolve within weeks. Formal appeals can take several months.

What’s the strongest type of evidence?
Verified comparable sales near the valuation date and accurate property details.

Can I withdraw an appeal?
Yes. Appeals can be withdrawn if resolved or if you decide not to proceed.

Is the appeal about market value today?
No. It focuses strictly on value as of the valuation date.

If you want to decide whether an appeal is worth it

Before filing, it often helps to look at your assessment in the context of actual sales and your broader real estate plans. Mansour Real Estate Group can help you pressure-test whether an appeal makes sense, or whether your time is better spent focusing on a sale, refinance, or long-term strategy.

Related reads in this BC Assessment series

Why Is My Assessed Value Different From My Home’s Market Value?
Will My Property Taxes Go Up If My Assessment Goes Up?
What Are the Deadlines to Appeal My BC Assessment Value?
How Does BC Assessment Determine the Value of My Home?

Official sources and resources

BC Assessment
Property Assessment Appeal Board
Government of British Columbia, Property Taxes

In Summary

Appealing a BC Assessment is a structured process focused on accuracy as of the valuation date. It works best when supported by facts and comparable sales, not frustration with taxes. Understanding the steps and limits helps homeowners decide when an appeal is worthwhile.

About Mansour Real Estate Group

Mansour Real Estate Group, led by Mohamed Mansour, MBA and Associate Broker, supports homeowners across Vancouver, the Fraser Valley, and the Lower Mainland. With over 22 years of experience and more than $780 million in completed transactions, the team provides valuation-driven guidance focused on timing, risk, and complex real estate decisions.