What happened?

• 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.