Costumes and candy are some of the perks you get on Halloween, but did you know that Halloween also has an impact on your home's value!
“Anyone who has done renovations or rebuilt their homes know it can be a rewarding experience, but few people realise October 31 is the date when your efforts pay off,” says Assessor Tina Ireland. “That’s because October 31 is the date when any changes to your buildings or the use of your property are reflected in the upcoming property assessments.”
So, here is what property owners need to know:
- A two-step process is used to determine annual property assessments.
- BC Assessment uses July 1 to determine the actual value of properties by monitoring the sales around this date.
- BC Assessment then confirms the physical condition and permitted use of your property on October 31. Assessed value can be impacted by changes made to a property.
- Changes include modifications to land and/or constructed buildings. Some examples include new construction, home renovations, a rezoning approval from your local municipality, an adjustment in your land size, or a change in property use such as farm classification.