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Assessed Values Down, What About Market Values?

In January, the BC Assessment values are released and they always become a hot topic among homeowners. The official news report from BC Assessment shows assessed values between July 2011-July 2012 have gone down in the Capital Region by 2% — 6%. If you don't think your assessed value is correct, you can appeal it by January 31. Check their website here for the details. Always keep in mind, the assessed values rarely equal market value of a property! The selling price of a home is determined by many other factors not accounted for in an assessment such as: current supply and demand of similar homes, cosmetic upgrades inside the home, upgrades done without a permit, or even the property's neighbors! If you plan to move, always get a CMA done by a REALTOR®

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