BC Assessment determines property values by using what they call the ‘highest and best use’ of the site, and not by its current use. This is perhaps one of the biggest factors that impact store owners who rent or own commercial space, as sites are taxed on what could theoretically be built on the property.
Owners who have issues with their assessment have until February 1, 2021 to submit an appeal by filling out an online form or by sending in a request by mail. Owners considering an appeal should note that a property value might be assessed upward.
The average assessed value for single-family dwellings in the City of Vancouver increased by 10% from $1,567,000 to $1,717,000 in a year (from July 1, 2019 to July 1, 2020). Strata homes and townhouses increased by an average of 3% in the same time frame, going from $688,000 to $711,000. BC Assessment has an overview of the changes in property values throughout the Province at this link.
The property assessment data for 2021 will likely be integrated into the City of Vancouver VanMap application in the near future.
Lower Mainland 2021 Property Assessments in the Mail (January 4, 2021, BC Assessment)
B.C. property assessment increases in 2015: Summary of media coverage. Plus questions about underlying factors (January 5, 2015, CityHallWatch)
Guide to Searching BC Assessment property records (Jan 14, 2014, CityHallWatch)