The typical assessed value of a single-family home in Abbotsford has dropped three per cent from 2022 to 2023, according to new figures released by BC Assessment.
As of July 1, 2022, a typical home in the community was assessed at $1.172 million. That compares to $1.139 million as of July 1, 2023.
The market value for condos and townhomes also dropped three per cent – from $495,000 to $480,000.
Over the next few days, owners of more than a million properties throughout the Lower Mainland can expect to receive their 2024 assessment notices, which reflect market value as of July 1, 2023.
“Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value,” says BC Assessment assessor Bryan Murao. “Most homeowners can expect only modest changes in the range of -5 per cent to +5 per cent. These assessment changes are notably less than previous years.”
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Murao said commercial and industrial properties are generally increasing in value at a higher rate than residential, especially in areas such as the Fraser Valley, where properties are up in value as a result of limited industrial land.
BC Assessment says there is a misconception that a significant change in a home’s assessed value will result in a proportionately significant change in your property taxes.
But the important factor is how a home’s assessed value has changed relative to the average change in the community.
Only those properties that rise (or fall) exactly in line with the city average will see the average tax increase.
Residents whose property values drop, compared to the city average, will see a smaller increase – or even a decrease. Meanwhile, those whose home’s value increases more than the city average will end up paying more in tax.
The City of Abbotsford’s proposed property-tax increase for 2024 is 5.12 per cent.
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BC Assessment collects, monitors and analyzes property data throughout the year.
For the Lower Mainland region, the overall total assessments have increased from about $1.94 trillion in 2023 to nearly $2 trillion this year.
Almost $27.2 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s Lower Mainland region includes all of Greater Vancouver and the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.
Residents who disagree with their assessment are encouraged to contact BC Assessment and, if they remain dissatisfied with the result, they can file an appeal by Jan. 31 for an independent review.
More information is available at bcassessment.ca.