Just because the value of your home went down doesn’t mean your property tax bill will also drop.
Most homeowners across Abbotsford and the Lower Mainland will see the value of their homes fall when they receive their assessment notice this week.
But only some will their property tax bill will also drop. In Abbotsford, residential properties fell by 3.5 per cent across the city. And it’s how your property relates to that figure that will largely determine how much tax you pay.
This year’s city budget includes a three-per-cent tax bump, but only those whose properties decreased by the citywide average will actually see such a change to their tax bill.
If your property decreased by more than four per cent, you will see an even-smaller tiny increase in taxes, or a reduced bill.
But if your property value decreased only by one or two per cent – or if it actually increased – you’ll likely see your property taxes rise by more than three per cent.
Last year, a home that rose in value from $680,000 to $735,000 saw its tax bill actually drop by around $40 in 2018, because the value of most other homes in the city increased at an even faster rate.
Few people in 2020 will be looking at huge tax bumps this year. In recent years, properties in some areas have seen one-year assessment that drastically outpaced the city average. That left those people facing significantly higher tax bills – although the amount of property tax one pays tends to average out with time.
This year, BC Assessment says there hasn’t been a huge disparity in assessment value changes. That means, fewer people will see their taxes rise – or fall – substantially.
The assessed value of a typical single-family home in Abbotsford was $727,000 last year, down from $758,000 the previous year. A typical strata unit was assessed at $329,000, down from about $356,000.
Assessed values of business properties rose by 12.1 per cent. Light industry property values increased sharply, jumping by 18.7 per cent.
Assessment BC says the figures reflect the value of a home on July 1, 2019, and is based on the sales of similar homes in the area. Those who feel their assessment doesn’t reflect the value of their homes can appeal.
Assessed values rise significantly as one heads west from Abbotsford, and drop as one goes east.
Communities across the Lower Mainland saw drops in assessed values. Single-family houses in Vancouver, for instance, dropped by 11 per cent, from $1,755,000 to $1,568,000 for a typical house.
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