Not happy with your property assessment? Here's how to appeal it

With 2019property assessment notices officially online and en route to mailboxes across the province many B.C. homeowners might be doing a double take after seeing how much their property values have fluctuated.

The assessments became available on the B.C. Assessment website this weekand whiledetached homes in Metro Vancouver saw a 10 per cent decrease in value, single-family homes beyond that areahad increases of five to 15 per cent.

Vancouver Island and Kitimatproperty values spiked close to 20 per cent, and the heated condo market of 2018elevated assessments acrossmuch of the province.

The 2019 assessment noticesreflect a property's market value as of July 1, 2018.

Act quickly

If you feel you've been unfairly assessed in comparisonto your neighbours, you'll have to act quickly, as the deadline to appeal is Thursday, Jan.31.

B.C. Assessment says most complaints get resolved through discussions between property owners andstaff. Complainantsshould contact B.C. Assessmentthrough itswebsite, in person or by phone at1-866-825-8322.

If your concerns still haven't been resolved with anappraiser, the next step is to go throughan appeal process. You'll have to submita written request to a B.C. Assessment office no later than Jan.31, 2019.

The ministry has created a video outlining how to prepare for your hearingand whatevidence you will needto support your claim.Hearings are open to the public and typically lasts30 minutes.

During that time, you will haveto provide evidence that your property assessment notice is inaccurate. The panel will likely ask you questions and you are allowed to ask the panel questions.

No harm in trying

UBC economist Tom Davidoff says there's no risk in appealingbecause B.C. Assessment doesn't always get it right.

"If you have a property that's different from the other stuff that's transactioning, it's easier for B.C. Assessment to blow it," he said.

"They just don't have a lot of close comparable sales, so there can be more error when a product has more differences from other properties."

The assessment panel typically gives its decision by the end of the hearing,after a short deliberation.

More than 98 per centof property owners accept their assessment without proceeding to a formal, independent review.

$10Bdrop in values

Following the outcome of appeals in 2018,the total value of real estate dropped approximately $10 billion, according to B.C. Assessment.

While that figure may soundhigh, it represents just 0.05 per cent of property valuesin B.C.,which stand at $1.86 trillion.