![]() However, the advocate will not be permitted to present evidence, unless the advocate takes an oath or affirmation. Normally, the advocate will ask questions of the witnesses (examination and cross-examination) and will make submissions. With BC Assessment, frequently, the Assessor (or Deputy Assessor) will act as advocate and present evidence through witnesses (usually an appraiser who is also an employee of BC Assessment). However, they may also have a lawyer, friend or property tax agent present their case for them. If the Board holds an in-person hearing, parties will frequently act as their own advocates. There is no requirement that this be a lawyer. For residential properties, adjustments may be made for the time of sale and differences in age, lot size, location, view, and size of the improvements, among other things.Īdvocate refers to anyone who is advocating a position on behalf of a party. If the assessed value is in the range of actual value, the Board normally will not interfere with the assessment, even though it may be at the high or low end of the range.Īdjustments are factors, either expressed as dollar values or as percentages, added or subtracted to comparable sales to better equate them with the property under appeal and provide an estimate of market value. Since taxes must be calculated based upon a specific value, the Assessment Act requires that the assessment notice specify a single value. Actual or market value, and the selling price ultimately agreed on by that willing buyer and that willing seller, will lie somewhere between those two figures. The willing seller would have a bottom line price. The willing buyer would have a ceiling price (i.e. ![]() Therefore, actual or market value is really a range of values. parents to children, between separating spouses) and other unusual circumstances are not normally considered competitive market sales.īecause a sale of a property identical to yours doesn’t usually occur right on the valuation date, normally no one can say what the actual value of your property is with absolute certainty. It assumes that the parties are considering only factors that most other buyers and sellers would consider. ![]() it is not a forced sale) and that both parties are prudent and knowledgeable. ![]() It also assumes that both the buyer and seller are willing (i.e. It is the most probable price at which a property would sell in a competitive market, if it had been listed long enough to become generally known to real estate agents and prospective purchasers. For example, valuation day for 2018 assessments was July 1, 2017.Īctual value means market value. The Assessment Act requires that properties be assessed at their actual value as of July st (" valuation date") of the year preceding the tax year. These definitions are not exhaustive, but should give you a basic level of understanding. The following links provide brief definitions of the most frequently used terms. When appealing your assessment, you may encounter unfamiliar property assessment and appraisal terminology. ![]()
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