Post Property Assessment – Increases And Decreases In Fraser Valley

Fraser Valley – By now, owners of more than 476,000 properties throughout the Fraser Valley region can expect to receive their 2017 assessment notices which reflect market value as of July 1, 2016.

Image result for bc assessment 2017

“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” says Deputy Assessor Brian Smith.”The majority of residential properties throughout the region will see assessment increases in the range of +30% to + 50%.”

As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Fraser Valley region’s estimated typical percentage changes to the 2017 assessment values by property type, compared to the 2016 assessments (note that property assessments may vary by individual jurisdiction/municipality within the region).

 

 

Property Type

URBAN areas

Of the Fraser Valley region

2017 Assessment

Typical % Changes in Value

(as of July 1, 2016)

RURAL areas

Of the Fraser Valley region

2017 Assessment

Typical % Changes in Value

(as of July 1, 2016)

 

Residential Single Detached Homes

 

+30% to +50%

 

+20% to +30%

 

Residential Strata Units

(e.g. condominiums)

+15% to +30% N/A
Commercial +10% to +35% +5% to +15%
Light Industrial +10% to +30% +10% to +20%

 

The summary below provides estimates of typical 2016 versus 2017 assessed values of residential homes throughout the region. These examples demonstrate market trends for single family residential properties by geographic area:

 

Jurisdiction

2016 Assessment Roll

(valuation date

of July 1, 2015)

2017 Assessment Roll

(valuation date

of July 1, 2016)

Typical

% change

in Value

West Richmond $1,863,000 $2,654,000 + 42%
South Richmond $1,081,000 $1,486,000 + 37%
East Richmond $695,000 $955,000 + 37%
North Delta $573,400 $850,600 + 48%
Ladner $675,000 $967,400 + 43%
South Delta $1,186,000 $1,708,000 + 44%
North Surrey $491,600 $701,000 + 43%
Central Surrey $592,000 $803,000 + 36%
East Surrey $630,000 $846,000 + 34%
South Surrey $790,000 $1,196,000 + 50%
White Rock (Example 1) $1,268,000 $1,885,000 + 49%
White Rock (Example 2) $841,000 $1,126,000 + 34%
City of Langley(Example 1) $540,000 $725,000 + 34%
City of Langley(Example 2) $528,000 $711,000 + 35%
North Langley $606,000 $844,000 + 39%
East Langley $418,000 $586,000 + 40%
South Langley $654,000 $885,000 + 35%
Pitt Meadows (Example 1) $587,000 $783,000 + 33%
Pitt Meadows (Example 2) $510,000 $706,000 + 38%
West Maple Ridge $566,000 $735,000 + 30%
Central Maple Ridge $447,000 $627,000 + 40%
East Maple Ridge $591,000 $792,000 + 34%
West Abbotsford $424,000 $582,000 + 37%
Central Abbotsford $394,000 $555,000 + 41%
East Abbotsford $435,000 $639,000 + 47%
Mission (Example 1) $345,000 $506,000 + 47%
Mission (Example 2) $358,000 $495,000 + 38%
Chilliwack (Example 1) $361,000 $481,000 + 33%
Chilliwack (Example 2) $661,000 $877,000 + 32%
Kent $256,500 $363,000 + 41%
Hope $219,800 $314,000 + 42%
Harrison Hot Springs $369,000 $492,000 + 33%

 

BC Assessment’s website at bcassessment.ca includes more details about 2017 assessments, property information and trends such as lists of 2017’s top valued residential properties across the province. The website also provides self-service access to the free online e-valueBC service that allows anyone to search, check and compare 2017 property assessments anywhere in the province.

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2016 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Smith.

“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.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.

The Fraser Valley Region BC Assessment offices are located at:

Surrey Office- 100 – 5477 152 Street, Surrey BC, V32 5A5

Abbotsford Office – 240 – 31935 South Fraser Way, Abbotsford BC, V2T 5N7

During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.

Be the first to comment on "Post Property Assessment – Increases And Decreases In Fraser Valley"

Leave a comment

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.