Delta sees lowest property value increase in Fraser Valley

Delta sees lowest property value increase in Fraser Valley

Property owners across the Okanagan can expect to receive their 2018 assessment notices in the mail this week, but you can already look up yours online.

"The single-family homes have been quite active and we're seeing increases up to 25 per cent".

"For example, a commercial property in a downtown location should not be assessed at a higher rate than a similar neighboring property". Residential property in the District of North Vancouver was up an average of four per cent in the past year.

The latest assessments are based on market values last summer, officials said.

Tim Down, President of PacWest Commercial Real Estate Advisors, specializes in annual property assessment and tax appeal consulting throughout B.C. He notes "If an assessment is incorrect, the owner will be paying more property tax now and into the future, so they need to ensure that they have been assessed fairly and consistently.

It is important to remember that assessment increases do not automatically translate into property tax increases.

"If you've got a condo in Vancouver, I think they're going to get it pretty right, because there's so many homes they compare to yours, but out in the hinterlands, it gets thinner, and you have to believe if your home is unique in some ways, that they could botch the assessment".

The assessed value of many residential homes in parts of the Parksville Qualicum Beach region has jumped more than 20 per cent in the a year ago, according to BC Assessment.

"Then there's potential to increase property taxes, but if everyone has gone up 20 per cent and your property has gone up 20 per cent, it's more than likely your property taxes won't change", she said. "The values are for July 2017, and since then the market has gone upward price wise, while in the last few months it has tended to flatten out".

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There were 39 municipalities in B.C. where the average assessed value of residential properties rose more than 15 per cent in the a year ago.

"It's a more typical market than what we've seen in the past couple of years", said Borgo.

The total assessed value of the more than 247,000 properties in all of northern B.C. increased from $60.3 billion in 2017 to $61.8 billion this year -including an estimated $1.5 billion due to new construction, subdivisions of existing lots and value changes due to rezoning.

Local residents can expect their assessment notices within the coming week.

"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", adds Ireland.

This year, changes in assessment values for Delta's different communities vary, but remain in the single digits.

Classification will continue to be an issue for property taxpayers, with the BC Assessment Authority taking aggressive valuation and taxation policy positions in the application of higher tax classifications for mixed-use developments and agricultural lands.

Most other Fraser Valley communities have also seen sharp increases in strata values, although most cities have also seen modest jumps for single-family homes. The physical condition is based on how the property was on October 31, 2017.

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