Glossary · Taxes and government
Land value vs. improvement value
BC Assessment splits every property's assessed value into land value (the lot) and improvement value (the buildings on it).
On the North Shore, older detached houses are often mostly land value: the lot is worth far more than the house. That's why two houses of very different condition on similar lots can sell for similar prices, and why a lot's size, slope, view and zoning drive value more than the kitchen.
For a condo the split is less useful, since the land is shared through the strata.
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General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
