Property assessments will soon be landing in mailboxes across the province, with the publication of the 2023 tax roll by the BC Assessment Authority. But farmland assessments in the province are largely unchanged despite the dramatic shifts in the real estate market as a whole, according to BC Assessment. “Properties with Farm Classification have static legislated …
BC Assessment Authority
Strong growth for farmland values
BC farmland values continue to post strong growth, according to Farm Credit Canada, rising faster than anywhere else in Western Canada in the 12 months ended June. Strong transaction activity led values 15% higher during the period, with much of the increase logged in the latter half of 2021 before interest rates began rocketing upwards. …
Insurance under scrutiny
ABBOTSFORD – BC residents suffered significant losses this year as wind, wildfire and floods walloped their farms and properties. But insurance payouts will cover just a fraction of these losses. According to the Insurance Bureau of Canada, total insurable losses as of mid-December totalled less than $650 million. “A brand new farm building should have …
Farms retain tax status
BC farmers won’t have to worry about losing farm class status of their properties in the coming year. The province announced July 29 that all properties currently classed as farms with the BC Assessment Authority would continue to hold that status on the 2021 tax roll. “Our government is committed to helping farmers maintain their …