Property Tax Information
BC Assessment is a government organization in British Columbia that evaluates the financial worth of all real estate in the province. Every year, they send homeowners a Property Assessment Notice indicating the market value of their property as of July 1 of the previous year. The average residential increase in Creston for 2023 was 15%.
How does property assessment affect taxes?
The value determined by BC Assessment is used to divide the tax burden, not to determine the amount of tax owed. Taxing Authorities (such as the municipality, province, regional district, hospital, etc.) calculate the taxes needed to fund public services and set the rates based on the budget divided by the total assessed value of properties. The municipality then applies the rates to each property’s assessed value and sends the property owner a Tax Notice.
How is a property's assesment made?
BC Assessment has professional appraisers and a wide-ranging database. They are informed of changes in land title, building permits, and zoning by various government agencies. In determining a property’s value, BC Assessment considers things such as location, size, layout, age, condition, and any special features such as garages and sundecks (BC Assessment, 2019).
You can access your assessment information online anytime by visiting the website of BC Assessment HERE.
