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Stability reigns in 2014 property assessments

Property values in Chilliwack are
Property values in Chilliwack are 'stable' according to BC Assessment.
— image credit: JENNA HAUCK/ PROGRESS

“Stable” is once again the main descriptor for Fraser Valley property values in the 2014 BC Assessment roll.

The bulk of property owners in Chilliwack will see modest changes to their assessments, between plus or minus five per cent.

“Most homes in the Fraser Valley are remaining stable in value compared to last year’s assessment roll,” said Raj Sandhu, deputy assessor. “Almost every jurisdiction is at a similar level, with a very stable market.”

The assessment roll went from $80 billion to $90.7 billion in the Fraser Valley for 2014.

A typical single family home in Chilliwack was valued at $400,000 this year, up slightly from $394,000 in 2013. A sample home in Sardis is used by BC Assessment to establish a benchmark value for the roll, and it’s a reflection of the movement in the marketplace.

Strata apartments in Chilliwack dipped to $183,000 from $188,000, while a typical townhouse stayed at the same level, with a sample property pegged at $275,000.

Growth once again this year was mainly a result of subdivisions, rezonings and new construction.

Anyone curious if the photographs taken by BC Assessment of Chilliwack homes in 2013 were used in the calculations for the 2014 roll, the answer is, no they were not.

The images will be part of re-inventory initiatives by BC Assessment. These updates have been ongoing in other Fraser Valley communities, like Langley, Abbotsford and Mission, and eventually will help assessors determine if renovations have taken place in order to have inventories updated.

“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.

“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 31, for an independent review by a Property Assessment Review Panel,” added Sandhu.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.

The Fraser Valley assessment office is at #240, 31935 South Fraser Way in Abbotsford. 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 by clicking “CONNECT” at  www.bcassessment.ca including lists of 2014’s top 100 most valuable residential properties across the province.

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