Every January, the BC Assessment notice lands in mailboxes and inboxes across Greater Victoria. And almost every year, the same question comes up.
“What does this actually mean?”
If you take only one thing from this post, let it be this. A BC Assessment is a reference point, not a verdict. It is useful, imperfect, and often misunderstood. By the end of this, you should understand what the 2026 assessment represents, what it does and does not tell you, and when it deserves a closer look.
What BC Assessment is really measuring
BC Assessment provides an estimated market value for every property in the province once a year.
The important detail that often gets missed is the valuation date.
Your 2026 assessment is based on market data as of July 1, 2025.
That means:
It reflects what comparable homes were selling for roughly six months ago
It does not reflect what has happened since late summer or fall
It is already out of date the moment you receive it in January
This timing is deliberate. BC Assessment needs a fixed date to evaluate hundreds of thousands of properties consistently. But it also means the number you see is a snapshot, not a live market read.
This is why assessments often feel confusing when markets are shifting.
Why your value may look higher or lower than expected
Assessments are built using mass appraisal models. They rely heavily on comparable sales, location, property type, size, and age. They are good at trends. They are less precise at individual nuance.
A few reasons your assessment may surprise you:
Your neighbourhood had strong sales activity before July
Your property type moved differently than the broader market
Renovations, condition issues, or layout quirks are not fully captured
Your home is being compared to sales that are technically similar, but practically different
This does not automatically mean the assessment is wrong. It means it deserves context.
How assessments relate to property taxes, briefly and calmly
This is where stress tends to creep in, so let’s slow it down.
Your assessment does not directly set your taxes.
Municipalities first decide how much money they need to raise. That decision drives tax increases far more than assessment values do. The mill rate is then adjusted so the total budget is collected.
Your assessment mainly determines your share of that total, relative to other properties.
In practical terms:
If most properties in your community rose by a similar percentage, your relative position may not change much
If your assessment rose more than the community average, you may shoulder a slightly larger share
If it rose less, you may carry a smaller share
The assessment influences distribution. Municipal budgets influence the outcome.
That distinction matters.
Why comparing year over year is not enough
One of the most common mistakes I see is focusing only on the change from last year.
What actually matters more is:
How your value compares to similar homes
How your increase compares to the average change in your municipality or property class
A ten percent increase means very different things depending on what happened around you.
This is why two neighbours can see similar assessments and experience very different tax outcomes.
When it makes sense to question an assessment
Most assessments are broadly reasonable. Some are not.
Situations where it is worth slowing down and looking closer include:
Your assessment is clearly above comparable sales from around July 1, 2025
Similar homes or strata units show inconsistent values
The assessment assumes features or condition your home does not have
Your increase significantly outpaced the surrounding area
Situations where it usually does not help:
Arguing based on today’s market
Pointing to renovation costs
Comparing to listing prices rather than completed sales
Assessment reviews are evidence-driven. Data wins. Opinions do not.
How the review and appeal process works
The process is more structured and less dramatic than many people expect.
At a high level:
Review the details
Confirm square footage, classification, age, and lot size.Look at true comparables
Focus on similar properties that sold close to the July 1 valuation date.Decide whether it is worth pursuing
Not every difference justifies the time or effort.File a complaint if warranted
Many issues are resolved through discussion once the data is reviewed.
The key decision is not how upset you feel when you open the notice. It is whether the numbers hold up when calmly examined.
A quick real-world perspective
I often see two very different reactions.
In some cases, the assessment looks high, but once we compare it to similar sales from last summer, it lines up reasonably well. No action needed.
In other cases, especially with strata properties, values within the same building can drift apart without a clear reason. Those are worth flagging.
Same system. Same year. Different conclusions.
How I suggest homeowners use their assessment
Think of your BC Assessment as a conversation starter, not a final answer.
It can help you:
Understand how your property fits within your local market
Spot inconsistencies or red flags
Ask better questions about value, taxes, or future plans
It should not be the sole basis for financial decisions, pricing a home for sale, or assuming what your tax bill will be.
If you want a second set of eyes
If you are unsure how your assessment stacks up, I am happy to walk through it with you.
Sometimes that conversation ends with, “This looks fine.” Other times it leads to a deeper review or a formal challenge. Both outcomes are useful.
The goal is not to fight the system. It is to understand it well enough to know when action makes sense, and when it does not.
If this is on your mind, feel free to reach out. I am always happy to talk it through.
