Appraisals and Market Value
Real Estate Appraisal
A real estate appraisal is a service performed by a professional appraiser, who develops an opinion of value based upon the highest and best use of real property. The highest and best use is that use which produces the highest possible value for the property. This use must be profitable and probable. Also of importance is the definition of the type of value being developed and this must be included in the appraisal, i.e. fair market value, condemnation value, quick sale, etc.
Assessment
The assessment in B.C. is done by B.C. Assessment, a provincial crown corporation.
1. The estimating of value of property for tax purposes.
2. A levy against property in addition to general taxes, usually for improvements such as streets, sewers, etc.
3. B.C. Assessment assesses all properties in B.C. for tax purposes, and sends an assessment notice to all property owners each year informing them of the market value of their property as of the previous July 1st.
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