Property assessments increasing in city

Property values drop in north, rise in the south as 2018 assessments mailed out

Property values drop in north, rise in the south as 2018 assessments mailed out

Northerners can expect their 2018 assessment notices in the mail this week, the agency says, with homeowners in Fort St. John and Taylor seeing decreases between four and five per cent, while homeowners in the Northern Rockies can expect a drop in the area of eight per cent.

Smith said the larger percentage jumps among condos and townhomes values is the likely result of increased demand, as more and more buyers are pushed out of the market for single-detached homes. The total value of all Greater Vancouver properties is up 9.9% year-over-year, with a total assessed value of $907.1 billion, compared with $825.2 billion last year.

In urban areas on Vancouver Island, residential single detached homes went up 10 to 25 per cent in value, residential strata units went up 15 to 35 per cent, commercial properties went up zero to 20 per cent and light-industrial properties went up zero to 20 per cent.

Real estate sales determine a property's value which is reported annually by BC Assessment. The average change in property values for each municipality can be found on BC Assessment's website.

She says an increase in your assessment does not necessarily translate to an increase in your property taxes.

Ireland thinks the high demand for condos is simply due to the fact that they are less expensive than single-family homes.

Unlike last year, when assessment increases of 30 to 50 per cent were typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities and New Westminster, and typical condominium increases throughout these areas were in the 15 to 30 per cent range, this year's adjustments are generally much more modest.

A 1908 heritage house in the Grand Boulevard area went up two per cent in the past year, for instance, to about $1.6 million.

Rural Chilliwack, Langley City and Abbotsford saw the highest average increases in residential property values with 22 per cent, 20 per cent and 18 per cent, respectively.

This home type saw, on average, a 30% jump in assessed value, from $673,000 previous year to $877,000.

Homeowners that don't agree with their assessment have the option to appeal their notice.

The biggest gains are seen across all residential types in Langley, with assessed values up almost 20 per cent.

"Prior to this, the market had been stable with slight fluctuations up and down since 2008", said Wall.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.

BC Assessment's website provides a map of the top 500 most valuable residential properties in the province. To appeal, they must submit a Notice of Complaint by January 31.

BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

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