Chilliwack homeowners who saw double-digit increases in assessed values a year ago are more likely to see almost as high a percentage decrease when 2020 assessments arrive in the mail in the coming days.
Owners of all the more than one million properties throughout the Lower Mainland can expect those notices from BC Assessment any day, notices that reflect market value as of July 1, 2019.
In the example provided by the agency, a single family home in Chilliwack worth $613,000 may have seen a drop in value of four per cent to $590,000. (BC Assessment does not provide average home prices but gives examples of a ‘typical’ assessed value. To compare, the average single family home sale price in November 2019 in the Chilliwack and District Real Estate Board was $612,295.)
A typical change in the strata market (condos and townhouses) is from $351,000 in 2019 to $343,000 in 2020, or a two per cent decrease, according to BC Assessment deputy assessor Brian Smith.
And while Chilliwack is expected to see an overall market trend drop of four per cent, that is among the lowest decreases in the Lower Mainland. Outside of Whistler and Pemberton, which are considered in the Lower Mainland region, and which will see small increases in property values, most other communities in the area will see drops in value greater than Chilliwack.
Overall B.C. assessed home values are to dip 2.5 per cent in 2020, with large decreases in places like West Vancouver and increases in the Interior.
“The Lower Mainland residential real estate market continues to see signs of moderation,” deputy assessor Smith said in a press release. “Depending on your location and property type, you will experience a different level of change on your 2020 Assessment Notice. Homes located in Whistler and Pemberton can expect a minimal increase in their assessments whereas the rest of the region will likely experience a reduced assessment value.”
While four per cent is deemed a typical drop in Chilliwack, a perusal of a few examples at random show different numbers. Some homes, particularly at the high end, saw very small percentage decreases, while some homes saw double-digit decreases in value.
For example, here are a number of homes listed for sale at Realtor.ca, their list price, their 2020 assessed value compared to the previous year, and the percentage difference:
|List Price||2020 Assessed Value||2019 Assessed Value||% difference|
|5404 Teskey Rd.||$649,000||$640,000||$693,000||-7.65%|
|45261 Bernard Ave.||$599,900||$497,000||$555,000||-10.45%|
|27-45715 Tamihi Way (townhouse)||$473,000||$451,000||$479,000||-5.85%|
|407-9270 Edward St. (apartment)||$329,900||$330,000||$351,000||
|5133 Cecil Ridge Pl.||$919,000||$853,000||$908,000||-6.1%|
|51013 Nevin Rd.||$667,900||$531,000||$605,000||-12.2%|
|5818 Garrison Blvd.||$785,000||$699,000||$745,000||-6.2%|
|48-47470 Chartwell Dr.||$599,000||$491,000||$489,000||+0.4%|
|45874 Reece Ave.||$598,000||$493,000||$535,000||-7.85%|
Anyone can look up the assessed value of any property in B.C. at the BC Assessment website at bcassessment.ca.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use an interactive map. The website is now mobile-friendly, something new for 2020.
“Property owners can find a lot of valuable 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, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Smith said.
“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.”
BC Assessment always attempts to dispel a perennial, common misconception, that is, that assessed values are connected to property taxes.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” Smith explained. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
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