The majority of homes in the Abbotsford area have either remained the same in value or dipped slightly, according to 2013 figures released by BC Assessment last week.
More than 189,000 property owners throughout the Fraser Valley can expect to receive their 2013 assessment notices in the next few days.
“Most homes in the Fraser Valley are remaining stable compared to last year’s assessment roll,” said John Green, deputy assessor.
While overall the Fraser Valley’s assessment roll increased from $87.5 billion last year to $89 billion this year, the majority of growth was due to subdivisions, rezoning and new construction.
Assessments are based on perceived value of a home and property as of July 1, 2012.
A typical single-family home in Abbotsford dropped in assessed value from $425,000 in 2012 to $420,000 in 2013. Abbotsford apartments dipped from $186,000 to $180,000 while a typical townhouse assessment remained the same at $269,000.
In Mission, the results were similar as a typical single-family home remained the same at $338,000 while apartments and townhouses both dropped – $178,000 to $173,000 and $175,000 to $172,000 respectively.
These figures are based on a typical home, not an average of all homes, explained Green.
“We pick a typical home and try to follow it through the marketplace and compare it from this year to last year.”
He said they use this process because larger properties with big acreage can skew the average numbers.
Owners of commercial and industrial properties in the Fraser Valley will typically see changes ranging from plus or minus five per cent.
Overall, Abbotsford’s total property value now sits at $20.2 billion, up slightly from $20.19 billion last year, while Mission rose to $5.7 billion from $5.67 billion in 2012.
The highest assessed property in Abbotsford this year hit the $2.4-million mark. That does not include properties containing farm use lands.
The highest assessed home in Mission was worth $1.8 million.
Last year, Abbotsford’s highest assessed home came in at $4.9 million, but Green said that property likely didn’t have farm class last year, but does now.
“That kind of happens sometimes with higher end properties. Typically they are on acreage and if the property owner meets the requirement for farm class, then it comes off our top value property list.”
Farm class land values are not assessed at market values, like most properties. They are assessed at a set rate based on the agricultural production qualities of the land.
Green said property owners who feel that their assessment does not reflect market value as of July 1, 2012 should visit www.bcassessment.ca for answers to common questions or to find comparable sales and assessment information.
Anyone who notices incorrect information or has further questions should contact the assessment office as soon as possible.
Property owners who still have concerns can submit a notice of complaint (appeal) by Jan. 31, for an independent review by a Property Assessment Review Panel, which is independent of BC Assessment.
The Fraser Valley assessment office is located at suite 240, 31935 South Fraser Way in Abbotsford. During January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-825-8322 or via www.bcassessment.ca.