I wish someone could explain to me the method BC Assessments uses to determine property values.
My property value has risen as has the value of my house, which has remained in the same condition as previous years. There are homes in the Uplands where buildings are assessed at less than $20,000 and have remained the same since last year. There are also properties in that area which have dropped anywhere from $100,00 to $200,000 over last year.
Is there a logical reason or is the real estate bubble on the verge of busting?