The Province of British Columbia is conducting a property reassessment to evaluate properties based on a market valuation date of July 1, 2024. Ensuring your property is assessed fairly can help you plan for any changes in property taxes and avoid potentially overpaying.
The 2025 property assessment pre-roll consultation period occurs from October to December 2024. This time frame provides an opportunity to review and negotiate 2025 property assessments with provincial assessors before they are finalized and released.
The window between the time the 2025 assessment notices are released on December 31, 2024, and the objection filing deadline of January 31, 2025, is short—we encourage all businesses to take action early, ideally before their property assessment notice arrives.
Each year, the province reassesses all properties within its boundaries. This process is known as an annual assessment cycle, aimed at ensuring property assessments align closely with market sale transactions, lease data, and construction costs as of a valuation date.
A property assessment is an estimate of your property’s market value as of a designated date, utilized for property taxation. Your total annual property tax liability is based on your property’s assessed value multiplied by the tax rate in your jurisdiction.
If you are an industrial or commercial property occupant, or a multi-residential property owner, in the province, it's important to ensure that your property is assessed accurately. Overvalued assessments are common and can result in higher property taxes, which can lead to an inflated bottom line, impacting cash flow and profitability.
How BDO can help
Our professional property tax consultants can review your property assessment to ensure it is fair and accurate. If there are any discrepancies, we can work with the assessing authority to have your assessment adjusted to lower your property tax burden.
The information in this publication is current as of July 16, 2024.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.