Stability is once again the operative word in property values across the Fraser Valley for 2015.
BC Assessment sent out assessment notices to 193,000 property owners this week.
A typical single family home in Chilliwack is valued at $388,000 on the 2015 roll, which is up from $374,000 the year before.
It’s an increase of 3.7 per cent for the “typical” Sardis house that BC Assessment used for 2015 calculations.
A sample home in Sardis is chosen to establish a typical benchmark value for the roll, and it’s a reflection of movement in the marketplace.
A typical Chilliwack condo, or strata apartment, dipped from $183,000 to $178,000, while the typical townhouse shifted slightly from $275,000 to $273,000.
“Most homes in the Fraser Valley are remaining stable in value compared to last year’s assessment roll,” said Raj Sandhu, acting assessor.
It was a similar situation last year.
Most property owners across the valley will see property value fluctuations in the -5 to +5 per cent range, he said. That was the same range of values for 2014.
The FV assessment roll increased from $90.7 billion in 2014 to $94.3 billion for 2015.
But that’s only about half the increase seen in the assessment roll from 2013 to 2014, when it spiked from about $80 billion up to $90.7 billion.
A total of $1.8 billion was added through subdivisions, rezoning and new construction. Most owners of commercial and industrial properties were told to expect changes ranging from 5 per cent to 10 per cent.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2014, 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 February 2, for an independent review by a Property Assessment Review Panel.”
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.
More at www.bcassessment.ca