I got my property assessment notice in the mail today from the fine folks at BC Assessment. Based on several factors including local real estate market conditions, they come up with a formula to tell me how much they think my apartment is worth.
My assessment this year is a bad news, good news thing. As you might expect with the current state of BC real estate, my apartment, according to them, is worth more this year. If you want ballpark figures, the value has increased by a little over 10%. That’s good news if I was interested in seeing if my purchase was a good investment so far. It means that if I were to sell my apartment today or in the near future, I’d probably get a small but decent profit. It’s bad news if I wasn’t planning on selling at all because the higher assessment just means I get to pay higher property taxes in the summer. If you read my recent post on my 2010 expenditures, this is just one more case where I’ll be losing more money.
Since I don’t plan on selling my apartment in the near future, I just get to enjoy the pleasure of knowing my apartment is worth more, all the while paying more taxes for it.