- Your house was flooded.
- A contractor estimates it will cost $8,000 to repair.
- Your property assessment is $500,000.
- The repair costs equal 1.6% of the assessment ($8,000 divided by $500,000).
Is this a "large" problem compared to your assessment?
Water damages of $8,000 are not large compared to your assessment:
- When BC Assessment sets your assessment, they are just estimating your property's market value.
- Your property may be worth a little less or a little more than your assessment.
- Because of this uncertainty, we probably would not reduce your assessment by this small amount.
Anything less than 5% is a small amount and usually we would not reduce your assessment.