Little value change
This year's residential property assessments similar to last year's
A "typical" home in Chilliwack valued at $385,000 will see no change in its year-over-year worth.
Photograph by: Paul J. Henderson , TIMES
Chilliwack's residential property values are virtually unchanged from a year ago.
Most owners of single family homes should see no change at all in the value of their properties in the 2013 assessment notices they should receive in the next few days.
"The good news is that the market is relatively stable," John Green, deputy assessor for BC Assessment told the Times. "When people get their assessments, there's not really going to be a big surprise because there is going to be stable year-over-year value."
The assessed value of the "typical" home Green used for the 2013 roll (valuation date of July 1, 2012) was $385,000, which is completely unchanged over 2012.
(The assessment roll properties used for the calculations are not average home prices but are typical properties, according to Green.)
Strata apartment values in Chilliwack saw a drop of less than one per cent, and strata townhouses dropped less than half a per cent.
In the District of Kent, single family homes saw a 3.8 per cent reduction in values. In Harrison Hot Springs, the drop was 3.5 per cent and in Hope, values were unchanged.
Abbotsford's assessment roll is similar to Chilliwack's with small drops in single family home and apartments, while townhouses remain unchanged.
The Township of Langley saw small increases while the City of Langley saw some small decreases.
Similarly, Maple Ridge and Mission saw small decreases in value across the board.
Owners of commercial and industrial properties across the Fraser Valley will see changes ranging from five per cent up to five per cent down.
"Property owners who feel that their assessment does not reflect market value as of July 1, 2012 should visit www.bcassessment.ca for answers to common questions or to find comparable sales and assessment information," Green said in a press release. "If they see incorrect information or have further questions, they should contact us as soon as possible in January. Other services available on the website include a customer service survey and a list of 2013's most valuable residential properties across the province."
