BC Assessment is responsible for assessing the market value of all properties in British Columbia. Although BC Assessment does not set taxes, the Assessment Roll, which lists all properties and their taxable values as well as the names of property owners is the basis on which Tax authorities levy property taxes in each class (i.e., how the tax burden will be shared among all property owners).
Assessment Rolls are set by BC Assessment on an annual basis. For assessment purposes in British Columbia, market value is the most probable price that an unencumbered property would sell for on the open market on July 1 in the previous year.
The Property Assessment Appeal Board was established under Part 5 of the Assessment Act, RSBC, 1996, c. 20, to resolve appeals filed from the decisions of the Property Assessment Review Panels and appeals filed under the Forest Land Reserve Act, RSBC 1996, c. 158. The Board’s purpose was to receive, validate and resolve appeals in a just, consistent, timely and cost efficient manner hears appeal from the Property Assessment Review Panels to determine
- the actual [market] value of property for assessment purposes,
- whether the property is properly classified, or
- whether an exemption from property taxation applies.
The Board is independent of both the Review Panels and the British Columbia Assessment Authority (BC Assessment). The parties to an appeal are the person appealing (usually the property owner or taxpayer) and BC Assessment (the assessor for your area). Sometimes, BC Assessment starts the appeal and the owner is the "respondent". The municipality and other persons may apply to be added as parties to an appeal.
Over the years HCPC has assisted many small and large property owners with appealing their assessments and have provided expert evidence at Review Panels and the Assessment Appeal Board. It is important to realize that although BC Assessment Authority are not directly responsible for setting taxes, your property assessment can have an impact on the amount of taxes you pay.