Property assessments may give sticker shock to some Chilliwack homeowners

Double-digit percentage valuation increases for majority of properties

When Chilliwack homeowners open their assessments in the mail this week, many will be in for a shock.

The majority of residential homeowners in Chilliwack and across the Fraser Valley will see double-digit percentage increases of single family homes, townhouses and apartments in their BC Assessment notices.

BC Assessment examples of local assessments show a single family home valued at $481,000 last year, up 17 per cent to $562,000; a townhouse valued at $236,000 last year up 12 per cent to $264,000; and an apartment valued at $234,000 up 19 per cent to $278,000.

BC Assessment does not provide average increases, rather they give examples of actual homes. Valuations are as of July 1, 2017.

The big difference year over year is that while single family homes saw similarly large increases last year, strata townhouses and apartments did not.

“This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single family detached homes,” assessor Laura Schwagele said in a press release.

• RELATED: 2017 BC Assessment values now available online

Overall, the Fraser Valley’s total assessments increased from $430.1 billion in 2017 to $492.2 billion this year. A total of almost $10.6 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.

The BC Assessment Fraser Valley’s region includes properties in Richmond, Delta, and Surrey and throughout the rest of the Fraser Valley up past Hope and Boston Bar.

• RELATED: 67,000 homeowners get early-warning assessment notice

This should come as no surprise to those paying attention to the local real estate market as demand for housing went through the roof for the second year in a row in the Chilliwack and District Real Estate Board (CADREB) area.

The sticker shock of large property valuations often leads to the confused notion that property owners will also see an increase in property taxes. The effect of increases and decreases in assessments are factored out when calculating property taxes with the use of a mill rate. The City of Chilliwack creates its budget then sets a rate.

BC Assessment also provides a list of the top 100 valued residential properties in the Fraser Valley region. The top property was a Surrey acreage on 20th Avenue valued at $30 million.

In Chilliwack, the top-valued property once again was 47295 Thornton Rd. atop Promontory at $2.726 million. (See top 10 Chilliwack properties below.)

The highest valued property in B.C. was, once again, Lululemon founder Chip Wilson’s Point Grey Road mansion at $78.8 million.

To see the assessed value of any property in B.C. visit bcassessment.ca

Top 10 valued properties in Chilliwack

1. 47295 Thornton Rd. – Ryder Lake/Promontory – $2,726,000

2. 50200 Castleman Rd. – East Chilliwack – $2,470,000

3. 10082 Chapman Rd. – Rosedale – $2,355,000

4. 43126 Keith Wilson Rd. – Greendale – $2,216,000

5. 47829 Kitchen Hall Rd. – East Chilliwack – $2,141,000

6. 8050 Old Orchard Rd. – Chilliwack Mountain – $2,106,000

7. 3190 Karson Rd. – Ryder Lake/Promontory – $2,042,000

8. 44594 Watson Rd. – Sardis – $2,015,000

9. 10500 Young Rd. – Fairfield Island – $1,976,000

10. 51875 Nevin Rd. – Rosedale – $1,933,0000


@PeeJayAitch
paul.henderson@theprogress.com

Like us on Facebook and follow us on Twitter.

Just Posted

WATCH: Sparks fly as SUV speeds down wrong side of Highway 1 in Chilliwack trying to flee police

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Drugs and guns seized by Chilliwack Mounties in complex case

Drug trafficking investigations led to five arrests in three different locations across Chilliwack

Chilliwack RCMP trying to catch robbery suspect

Police hope someone will identify the person who appears in security camera footage

LETTER: Why is Jati Sidhu ashamed of his riding?

Lytton’s Christopher di Armani shares his dismay at the potential name change of the MP’s riding

Chilliwack churns out new generation of wildfire fighters

School district partners with B.C. Wildfire Service to prep Grade 12s for careers

Stolen Bentley spotted going wrong way down highway found in Summerland

The car has been recorded going the wrong way on the Coquihalla, found two days later

VIDEO: Vancouver fall to Seattle in Game 2 of the playoffs

Thunderbirds topple the Giants 4-1 in Langley, evening the Western Conference series one game each

Calgary captain has 3 points as Flames torch Canucks 3-1

Giordano leads way as Alberta side cracks 100-point plateau

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Vancouver-bound transit bus involved in fatal crash near Seattle

One man was killed and a woman injured in crash with bus purchased by TransLink

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Most Read