Why the Appraiser Comes Inside the Home BC Assessment appraisers conduct property inspections to ensure the description and condition of a property is accurately reflected on the Property Assessment Notice that is mailed each December 31 to property owners. Property assessments are based on the market value of real estate. In general terms, market value is the price expected if a reasonable amount of time is allowed to find a purchaser and if both seller and prospective buyer are fully informed. 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.
Legislation allows appraisers to enter and inspect any property in B.C. for assessment purposes.
When establishing the market value for a particular property, BC Assessment considers the same characteristics as a purchaser. They include the size, layout, shape, age, finish, quality, number of carports, garages, sundecks and condition of buildings. Available services, location, views and neighbourhood may also influence a property's market value. BC Assessment appraisers are aware of all real estate sales within their area, and analyze them to develop common units of comparison and corresponding values. BC Assessment is careful to consider each property's unique characteristics.