Abbotsford’s total property value now rests at $20.19 billion, up marginally from last year’s total of $19.98 billion. Mission rose from $5.65 billion to $5.67 billion.
That minimal increase will be reflected in the more than 187,000 assessment notices that have been mailed out in recent days, according to the Fraser Valley office of BC Assessment.
“The assessment role this year is very stable,” said John Green, deputy assessor. “Most homeowners in the Fraser Valley will see minimal changes in the value of their properties.”
Assessments are based on perceived value of a home and property as of July 1, 2011.
“Really what it is, is we follow the real estate market. So what this says is, year over year, the real estate market in Abbotsford and Mission has been very stable.”
Green said if comparable properties in a person’s neighbourhood are selling for more, residents can expect their assessments to rise. The opposite is true of homes selling for less money.
“So, stability is a very good thing in real estate.”
Overall, the Fraser Valley’s assessment roll increased from $85.9 billion last year to $88 billion this year. Most of this growth was due to subdivisions, rezoning and new construction.
In Abbotsford, a typical single-family home rose in value from $419,000 in 2010 to $425,000 in 2011. Apartments dropped in value from $187,000 to $182,000, while townhomes increased slightly from $260,000 to $262,000.
It’s a similar story in Mission, where single-family homes rose from $356,000 to $366,000, apartments dropped from $179,000 to $176,000 and townhomes edged up slightly from $239,000 to $240,000.
Green said these numbers aren’t averages, but rather examples.
“This is taking a typical sample apartment, or home, and tracking its assessment and how it’s changed over the years.”
Abbotsford’s highest assessed residential property is worth $4.9 million, while Mission’s is $2 million.
Owners of commercial and industrial properties in the Fraser Valley will typically see changes to their assessment ranging from zero to 20 per cent.
Municipal governments use the assessment values to determine the mill rate for taxation purposes. Abbotsford has yet to approve this year’s city budget, so it is unknown as to how the assessments will affect local homeowners’ property taxes.
Anyone who disagrees with the assessed value of their homes can contact BC Assessments.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Green.
“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.”
For more information, contact the Fraser Valley assessment office at 604-850-5900 or visit the website at www.bcassessment.ca.