B.C Assessments have arrived with big increases throughout The Fraser Valley
Surrey & Langley homeowners can expect to see a property assessment from B.C. Assessments in the mail soon, and a majority of those homeowners will see an increase in their property value between 30 and 50%.
Approximately, 476,000 Property Assessment notices will go out to the Fraser Valley this week that will reflect the market value of their property.
If we compare the 2016 Property Assessments with the latest 2017 property Assessments, the typical single family residential property will see a 50% increase in South Surrey.
Here’s a quick break down of Surrey’s expected changes in assessed values for single family detached homes:
- South Surrey – 50% Increase
- Central Surrey – 36% Increase
- East Surrey – 34% Increase
- North Surrey – 43% Increase
Click Here: See Homes For Sale in Surrey
- City of Langley – 35% Increase
- North Langley – 39% Increase
- East Langley – 40% Increase
- South Langley – 35% Increase
Click Here: See Homes For Sale in Langley
Condos and Townhomes
Strata units (Condos, Townhomes, etc…) will see an increase of 15 to 30%. This may be a bit of a surprise because condo and Townhome markets in 2016 were not as hot as the detached single family markets. Although, the condo and Townhome markets have picked up quite a bit and are performing strong since late summer.
Commercial and Light Industrial properties will also see a bit of an increase in their assessed values this year of 10 to 35%.
Commercial properties being purchased for eventual redevelopment will often exceed these ranges.
The market for single family homes between July 1 and the end of November has begun to cool, so property owners should be reminded that their 2017 assessments are based on the market value as of July 1, 2016.
The Complete Property Assessment Summary
From BC Assessments[bctt tweet=”The Complete BC Property Assessment Summary | #SchrederBrothers” username=”jwsrealestate”]
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
of July 1, 2015)
|2017 Assessment Roll
of July 1, 2016)
|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%|
|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%|
|Harrison Hot Springs||$369,000||$492,000||+ 33%|
BC Assessment’s website at bcassessment.ca includes more details about 2017
Understanding The Assessment Process
An assessment is the determination of a property’s market value, classification and applicable exemptions each year. This assessment is the basis used by taxing authorities for determining the share of municipal and provincial property taxes owners will pay.
Each year the Property Assessment Appraisers assess nearly 2 million properties in British Columbia, with a real estate value of 1.3 trillion dollars.
Each year, property value information in British Columbia accounts for 7 billion dollars in revenue for B.C. communities.
This revenue goes back into the community to fund parks and community services.
Property Appraisers assess the following:
- Home location
- Home size
- Lot size
- Home age
- Miscellaneous features that affect the homes value
- Comparable sales prices
This information is gathered from:
- Building permits
- Land Titles Office
- Real Estate transactions
- Onsite inspections
- Aerial and street front imagery
- Owner reporting
- 3D modeling
Your property value can change year to year based on market conditions and your homes improvements.
As B.C.’s trusted, go-to provider of property information, BC Assessment collects, monitors and analyzes property data throughout the year. BC Assessment is a Crown corporation that provides property assessments and collects property information for nearly two million properties across the province.
Appealing Your 2017 Assessment
If you have concerns about your property assessment you can contact BC Assessments to discuss your concerns.
Toll-free 1-866 valueBC (1-866-825-8322) or go to: https://www.bcassessment.ca/Services-products/appeals
The first level of appeal is to the Property Assessment Review Panel (PARP). Please note that the deadline to appeal your 2017 Assessment is January 31.
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