Fraser Valley can expect “modest” tax assessment change
The 2019 assessment notices from BC Assessment are based on July 2018 values
Steve Randall
Canadian Real Estate Wealth
The property assessments of more than 494,000 properties in the Fraser Valley are in the mail.
The 2019 assessment notices from BC Assessment are based on July 2018 values and for most they will have changed from the notices received a year ago.
“The majority of residential home owners within the Fraser Valley can expect a modest change compared to last year’s assessment,” says Fraser Valley Deputy Assessor Brian Smith. “As of July 1, we continued to see strong market activity in the strata residential market throughout the region, where as the single family residential market was relatively stable.”
Overall, the Fraser Valley’s total assessments increased from almost $489.8 billion in 2018 to more than $540.4 billion this year. A total of almost $10.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment says that homeowners should check the notices and get in contact by the end of this month if they spot any errors.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” adds Smith.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Smith. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
Market trends for single family residential properties by geographic area:
|
Community |
2018 Average Assessed Value as of July 1, 2017 |
2019 Average Assessed Value as of July 1, 2018 |
% Change |
|
City of Surrey |
$1,004,000 |
$1,042,000 |
+4% |
|
City of White Rock |
$1,340,000 |
$1,313,000 |
-2% |
|
City of Richmond |
$1,570,000 |
$1,532,000 |
-2% |
|
City of Delta |
$978,000 |
$1,003,000 |
+3% |
|
Township of Langley |
$920,000 |
$972,000 |
+6% |
|
City of Langley |
$803,000 |
$862,000 |
+7% |
|
City of Abbotsford |
$693,000 |
$758,000 |
+9% |
|
City of Chilliwack |
$559,000 |
$613,000 |
+10% |
|
City of Maple Ridge |
$757,000 |
$820,000 |
+8% |
|
City of Pitt Meadows |
$804,000 |
$871,000 |
+8% |
|
District of Mission |
$633,000 |
$698,000 |
+10% |
|
District of Kent |
$441,000 |
$512,000 |
+16% |
|
District of Hope |
$356,000 |
$416,000 |
+17% |
|
Harrison Hot Springs |
$539,000 |
$609,000 |
+13% |
Market trends for strata residential properties (e.g. condominiums) by geographic area for select urban areas:
|
Community |
2018 Average Assessed Value as of July 1, 2017 |
2019 Average Assessed Value as of July 1, 2018 |
% Change |
|
City of Surrey |
$458,000 |
$522,000 |
+14% |
|
City of White Rock |
$412,000 |
$479,000 |
+16% |
|
City of Richmond |
$598,000 |
$654,000 |
+9% |
|
City of Delta |
$529,000 |
$568,000 |
+7% |
|
Township of Langley |
$500,000 |
$561,000 |
+12% |
|
City of Langley |
$311,000 |
$396,000 |
+27% |
|
City of Abbotsford |
$275,000 |
$353,000 |
+28% |
|
City of Maple Ridge |
$394,000 |
$464,000 |
+18% |
|
City of Chiliwack |
$289,000 |
$355,000 |
+23% |
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