BC Property Assessment Glossary

Actual value

The market value BC Assessment puts on your property as of July 1 of the year before your notice. It is the number you can complain about.

Assessment notice

The letter (or online record) BC Assessment issues each January with your property's actual value, its classification and the average change for your area.

Assessment roll number

Also called the folio or roll number. The ID BC Assessment uses for your property. It is on your notice and your tax bill.

Average change in your area

The typical percentage change for similar properties near you, printed on your notice. Comparing your own change with it is a quick first check.

Class 1

The residential property class. Almost all homes in BC are Class 1.

Comparable sales

Recent sales of similar homes near you, close to the July 1 valuation date. They are the strongest evidence in a complaint.

Home owner grant

A yearly reduction in property tax on your principal residence that you have to claim. See the home owner grant calculator.

Mill rate

The tax rate, set by your municipality and other taxing bodies, usually shown per $1,000 of taxable value.

PAAB

Property Assessment Appeal Board. The second level of appeal, after a PARP decision. The residential filing fee is $30 and the deadline is April 30.

PARP

Property Assessment Review Panel. The first, free level of complaint. Hearings are short, usually by phone, between February and mid March.

Principal residence

The home you mainly live in. Needed to claim the home owner grant.

Property tax deferment

A provincial loan that pays your property tax for you, repaid with interest when you sell or transfer the home. See the deferment check.

Valuation date

July 1 of the year before your notice. Your value reflects the market and your property's physical condition on that date.

How the appeal process works →