Property values in Abbotsford increased on average by more than seven per cent in the last year, according to BC Assessment, which released its annual figures across the province on Monday (Jan. 4).
Such an increase means an average single-family home, assessed at $727,000 last year, is now valued at $779,000 in Abbotsford.
Across B.C., the total value of real estate assessed increased by 4.2 per cent.
All homeowners pay the same property tax rate, meaning those whose home values increased by more than the city’s average will see an increase in their tax bill, while those whose properties increased below the average rate (or decreased) are likely to see their bill shrink.
The City of Abbotsford, like all B.C. municipalities, sets a property tax rate based on the revenue that it projects it requires.
The city’s financial staff told council in December that this year’s draft budget includes a 2.05 per cent tax increase – one of the smallest increases in recent years, as city hall pushes back or defers previously planned projects.
The increase will amount to an average of about $75 more in taxes for the owner of a typical Abbotsford home.
Elsewhere in the Fraser Valley, the City of Langley saw an increase of four per cent in assessed property values, while the township saw a hike of seven per cent.
Maple Ridge and Chilliwack both saw an increase of six per cent, and Mission property values increased by eight per cent.
BC Assessment has sent out assessment notices to the owners of more than 1.056 million properties in the Lower Mainland.
Deputy assessor Bryan Murao said most homeowners can expect “relatively moderate increases in value.” He said the market came to a temporary standstill in the spring, but has since had a “steady and rapid recovery.”
“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” he said.
However, Murao said the commercial and industrial markets have been more varied, with both increases and decreases depending on the specific sector.
Property owners concerned about their assessment have until Feb. 1 to file an appeal at bcassessment.ca.
– with files from Tyler Olsen