Property values remain stable according to numbers released by B.C. Assessment.

Property values remain stable according to numbers released by B.C. Assessment.

Stability reigns in Chilliwack in terms of property values

About $139 million was the total value of construction in Chilliwack for 2012, according to BC Assessment.

Most property values in Chilliwack dipped slightly, or remained stable, according to just released numbers for 2012 from BC Assessment Fraser Valley.

“The big story is that things are very similar to last year, with residential values remaining relatively stable,” said deputy assessor John Green.

From Langley to Hope, the numbers were fairly consistent, he noted, with increases tending to be higher closer to Vancouver.

Notices for 2012 Assessments are arriving this week, with more than 187,000 property owners on the list.

City officials use the annual assessment roll data as one of the factors in the determination of tax rates.

“Most home owners in the Fraser Valley will see minimal changes in the value of their properties,” said Green.

Fraser Valley’s assessment roll increased overall from $85.9 billion last year to $88 billion this year.

Most of the growth seen in the region can be attributed to subdivision development, rezoning and new construction.

About $139 million was the total value of construction in Chilliwack, according to BC Assessment.

A one-year freeze on assessments was put in place by the province in 2009 and 2008 values were used to calculate assessments that year. After the real estate market dip and subsequent correction seen after the global economic crisis of 2008-09, things started leveling off in terms of residential values in 2011 and 2012.

A typical Chilliwack house was valued at $251,000 this year, which is down incrementally from $252,000 in 2011. A sample property in Sardis was used by BC Assessment for establishing a benchmark value, and it’s always a reflection of the movement on the local marketplace.

Strata apartments in Chilliwack dipped this year from $146,000 to $140,000, while townhouse values stayed at exactly the same level, pegged at $225,000.

Commercial and industrial property owners across the valley will typically see assessment changes from zero to 20 per cent.

For other details about the 2012 BC assessment roll 604-850-5900 or toll free at 1-800-393-1332 or www.bcassessment.ca.

For anyone who wants to appeal their notice, an online notice of complaint form allows property owners to formally request a review of the assessed value of their property. The deadline to file a formal appeal for an independent review is Jan. 31.

jfeinberg@theprogress.com

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