Owners of more than 187,000 properties throughout the Fraser Valley will receive their 2012 assessment notices in the next few days.
In Langley, housing prices have changed very little, according to B.C. Assessment Authority (BCAA).
“Most homes in the Fraser Valley have remained stable in value compared to last year‟s assessment roll,” said John Green, deputy assessor. “Most home owners in the Fraser Valley will see minimal changes in the value of their properties.”
Overall, the Fraser Valley's assessment roll increased from $85.9 billion last year to $88 billion this year. Most of this growth was due to subdivisions, rezoning and new construction.
Assessments have remained stable for most residential homes and strata properties. The examples cited by BCAA show local market trends. The authority cautions that trends are affected by many variables.
In the City of Langley, a single-family home rose very slightly, from $461,000 to $465,000, while a strata apartment lost $2,000 in value, from $164,000 to $162,000. A strata townhouse showed an $8,000 loss in assessed value, from $359,000 to $347,000.
In the Township of Langley, a single-family home rose from $507,000 to $515,000; a strata apartment rose from $253,000 to $256,000 and a strata townhouse rose from $275,000 to $278,000.
Owners of commercial and industrial properties in the Fraser Valley will typically see changes ranging from 0 to 20 per cent.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Green.
“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 Jan. 31, for an independent review by a Property Assessment Review Panel,” added Green.
The Property Assessment Review Panels, independent of B.C. Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and March 15 to hear formal complaints.
The Fraser Valley assessment office is located at 240 — 31935 South Fraser Way in Abbotsford. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. The telephone number is 604-850-5900 or toll free at 1-800-393-1332.
The 2012 assessment roll is used for taxation purposes by local governments. In B.C, the total number of properties on the 2012 roll is 1,917,394, a 0.75 per cent increase from 2011.
Total value of real estate on the 2012 roll is $1,106,710,671,771, a 6.42 per cent increase from 2011.
Total amount of “non-market change,” including new construction and development is approximately $14.69 billion, a slight increase of 0.19 per cent from the 2011 roll at $14.66 billion.
Approximately 87.7 per cent of all properties are classified with some residential component. This equates to approximately $850 billion of the value on the total provincial roll.
BCAA says over 98.4 per cent of property owners 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, 2011 and physical condition as of Oct. 31, 2011. 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, BCAA 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. 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.
The assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province, including the public school system.
The BCAA 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 www.bcassessment.ca and click on the e-valueBC link. Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province.
For more information on the 2012 assessment roll and regional and province-wide real estate market trends, visit www.bcassessment.ca and click on the 2012 assessment roll information link.