The value of a typical West Abbotsford home increased by around $50,000 in just 12 months, according to BC Assessment, which sent out notices this week to hundreds of thousands of property owners across the region.
The owner of a typical West Abbotsford home assessed at $371,000 last year could expect an assessed value of around $424,000 when they get their notice in the mail this week. The exact change in a home’s assessed value depends on a variety of factors, including the size, location and age of a house. But generally those living in the city’s west saw the value of their homes increase more than those in the rest of Abbotsford, according to BC Assessment.
Because all home owners pay the same residential tax rates, those whose assessed homes rose more than the city average will see their share of the tax bill increase, while those whose properties increased at a below-average rate (or decreased) may see their tax bills fall.
The assessed value of single-family homes in Abbotsford increased, on average, between five and 15 per cent over the previous year.
A typical Central Abbotsford home saw a five per cent increase in value, from $376,000 to $394,000, while a typical East Abbotsford home saw an eight per cent rise in assessed value, from $435,000 to $472,000.
“The majority of residential home owners within the region can expect a modest increase, compared to last year’s assessment,” said deputy assessor Brian Smith.
Townhouses in Abbotsford saw their assessed value rise between zero and five per cent, while the value of a typical condo saw no significant changes.
The total assessed value of residential properties in Abbotsford rose 4.55 per cent over the previous year. Properties in the “business and other” class, which includes retail properties, office buildings and warehouses, rising 7.25 per cent.
Properties are assessed based on their market value on July 1, 2015, and their physical condition on Oct. 1, 2015. Those concerned about their assessment can submit a Notice of Complaint by Feb. 1 for an independent review.
For more information, and to compare your property to others, visit bcassessment.ca.