BC Assessment Value vs. Property Taxes: Understanding the Relationship

Each year, BC Assessment notices arrive in our mailboxes and prompt the same question from property owners:

“If my assessment went up, will my property taxes go up too?”

The answer: Yes.  Caveat: Your property taxes are probably also going up even if your assessment went down.  In the post-COVID world property taxes in all jurisdictions have universally gone in one direction.  UP!

Why this is the case requires an understanding how assessment values are used and how they are not used.

What BC Assessment Value Represents

BC Assessment is the government-owned corporation charges with generating the annual property assessment roll, assigning a value for taxation purposes to every property in our beautiful province.

The assessment you receive in your mailbox (or online at www.bcassessment.ca) is an estimate of the ‘Actual Value’ as of July 1 of the prior year, prepared by BC Assessment for the purpose of taxation equity. 

The assessed value is produced using ‘mass appraisal techniques’ and should never be relied on for pricing, financing, or investment decisions.

For the 2026 Roll, assessed values reflect market conditions as of July 1, 2025. They are backward-looking by design and may not align with today’s market conditions.  In fact, by the time of public release on, the assessed value is already six (6) months out-of-date.

Assessment Value Only a Component of the Calculation of the Property Taxes

Property taxes are not calculated by applying a flat tax rate to your assessment. Property tax rates are commonly known as 'mill rates' and expressed in $ per $1,000 of 'taxable value'.

Property taxes are determined by three variables:

1.   Municipal and regional budgets (including fire, police, library, water, sewer, recreation, etc.) - usually expressed as a line item on your tax bill

2.   The tax rate required to fund those budgets

3.   How your property’s assessed value changed relative to others in the same tax class

If assessment values increase broadly across a specific jurisdiction, tax rates are typically adjusted downward to raise the required revenue.

In those cases, many property owners see little change in their tax bill.

KEY POINT:  Relative Change Is What Matters

What drives tax shifts is relative movement, not absolute value. THIS IS KEY:

• If your assessment increased less than the average, your share of the tax burden may decrease.

• If your assessment increased more than comparable properties, your share may increase, even if overall taxes remain stable.

• If your assessment declined while others rose, your taxes may fall.

This is why two neighbours with similar properties can experience different tax outcomes in the same year.

So? What were the average market movements from 2025 Roll to 2026 Roll? In the Comox Valley, things looked like this for Class 1 - Residential and Class 6 - Business & Other:

2026 Assessment Roll Movement by Jurisdiction for Class 1 and Class 6 Properties

Why Assessment Increases Often Feel Misleading

Assessment notices are often interpreted by media as statements about personal wealth or property performance. They are not.

BC Assessment’s mandate is to distribute the tax burden fairly across property classes and jurisdictions and not to reflect what a property would sell for today, and not to forecast future value.

In a fast-moving market (either up or down) the gap between assessed value and real-world market value can widen materially.

Appeals: When They Make Sense—and When They Don’t

Each property owner has until January 31 to review their assessment and request and independent review if necessary.

As a first step, it is best to contact BC Assessment directly and verify that they have up to date information concerning the specific details (lot size, house size, number of rental units, parking stalls, etc.).

Assessment appeals are appropriate when there is clear evidence that:

A)     Value is incorrect, ie, the assessed value exceeds market value as of the valuation date, or

B)    Equity is not apparent, ie, comparable properties are assessed inconsistently within the same jurisdiction.

Appeals are not effective when based on current market conditions, frustration with taxes, or unsupported opinions of value.

Successful appeals rely on evidence and an understanding of the assessment framework.

Assessment Is a Tax Tool. Appraisal Is a Decision Tool.

For property owners making real decisions—selling, refinancing, estate planning, litigation, or portfolio analysis—an assessment is rarely sufficient on its own.

At Jackson & Associates Ltd., we regularly assist clients in understanding how assessed values relate to taxation, and when an independent appraisal is required to support informed decision-making.

Understanding the difference between assessment value and property tax payable is essential to avoiding confusion - and costly assumptions.