If you lived in a house in Langley, your home is likely worth more, but if you call an apartment home, its value declined from last year, according to B.C. Assessment.
The provincial agency assessed 191,000 properties throughout the Fraser Valley, and owners will be getting their notices this week and next.
“Most homes in the Fraser Valley are remaining stable in value compared to last year’s assessment roll,†said Raj Sandhu, deputy assessor. “Most home owners in the Fraser Valley will see modest changes in the -5% to +5% range.â€
For Langley City’s single family dwellings, the increase was from $479,000 to $490,000, a 2.29 per cent change.
Condos dipped in value from $203,000 to $198,000, a 2.46 per cent change.
Townhouses increased in value from $280,000 to $285,000, a 1.78 per cent bump.
Changes were broadly similar in the Township, with condos losing some value while houses increased and townhouses remained flat.
The average Township house was assessed at $530,000 for 2014, up from $519,000 in 2013. That’s a 2.11 per cent increase.
Strata apartments declined from an average of $223,000 to $218,000, a dip of 2.24 per cent.
Townhouses were assessed at an average of $341,000 in both 2013 and 2014.
While those are the average assessments, they don’t necessarily reflect what has happened to any one property.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,†said Sandhu.
Review panels will be meeting from the first day of February to March 15 to hear formal complaints and consider changing assessments.
• Do you feel your assessment was out of step with your property’s value? Let us know at news@langleyadvance.com.