SURREY, BC, Jan. 3, 2017 /CNW/ - In the next few days, 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.
"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% |
Overall, the Fraser Valley region's total assessments increased from $321.1 billion in 2016 to $430.1 billion this year. A total of almost $7.98 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The BC Assessment Fraser Valley region includes properties in Richmond, Delta, Surrey and throughout the rest of the Fraser Valley up past Hope and Boston Bar.
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.
Please Note: Additional information regarding sample residential properties can be made available by request.
MEDIA BACKGROUNDER / January 3, 2017
Facts on B.C. Property Assessments and the 2017 Assessment Roll
- Total number of properties on the 2017 roll is 2,017,364, an approximate 1% increase from 2016.
- Total value of real estate on the 2017 roll is $1,667,918,048,627 ($1.67 trillion), an increase of over 25% from 2016.
- Total amount of 'non-market change', including new construction, rezonings and subdivisions is approximately $25.2 billion, an increase of almost 24% from the 2016 roll of $20.4 billion.
- In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $ 1,298,409,769,982 of the value on the total provincial roll.
- Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property's market value as of July 1, 2016 and physical condition as of October 31, 2016. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise over $7 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and click on the e-valueBC link. For more information on the 2017 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.
SOURCE BC Assessment
Media contact: Brian Smith, Deputy Assessor, BC Assessment, Fraser Valley Region, Tel. 1.866.825.8322 Ext. 15237 Cell. 604-613-7118 Email: [email protected]
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