Other Assessment Questions
Q. Will my property assessment increase every year?
A. We reassess properties every year. This means that every year your assessment could change to reflect your property's market value as of a new date.
Q. Do you visit every property each year?
A. Our schedule of field visits is determined by property sales, building permits and identified changes, appeals, requests for visits and inspections, and planned property inspections.
Q. Why do assessments change?
A. The most common reason for change is that the value of your property has increased or decreased due to changes in market values in your area. Other reasons might include new construction, renovations or demolitions.
Q. What happens when I contact your office?
A. When you contact us an assessor will be pleased to discuss your property assessment with you.
Q. What is the Provincial Assessment Inspection Program?
A. The Provincial Assessment Inspection Program (PAIP) is a data verification program that helps to ensure that all residential assessment records are current and accurate. Over a period of several months, PVSC employees conduct inspections of residential properties across the province to verify and gather information about residential properties.
Q. We recently purchased a property for $110,000, why is it assessed at $125,000?
A. There are a couple of reasons why your property might be assessed at more than you paid for it: First the motivations of different buyers and sellers can vary significantly. Therefore, when very similar properties are sold during the same time frame, a range of sale prices can result. The market value assessment reflects sales somewhere in the range of prices. As a result, the assessment could be higher or lower than a specific selling price. Second, market values may have changed between our Base Date valuation and the date you bought your property. If you would like more information about your property assessment, please contact us.
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