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Modest changes in property values, says B.C. Assessment

B.C. Assessment says assessed property values have seen a
B.C. Assessment says assessed property values have seen a 'modest' change.
— image credit: Richmond Review file photo

A Steveston house built in 1972, previously valued at $807,500, has dropped 3.8 per cent in assessed value, according to the latest figures from B.C. Assessment.

And a 1997-built house in Broadmoor fell 7.8 per cent in value, from $1.403 million to $1.29 million.

Those are two examples from the 2014 assessment roll, released Thursday by the Crown corporation, which said assessment notices for the new year are now being mailed to property owners.

City of Richmond spokesperson Ted Townsend said the average drop in value of residential property in Richmond was 2.73 per cent.

But other sectors saw increases, from the utilities, up 3.04 per cent, major industry, up 8.31 per cent, and light industry, up 14.03 per cent.

The assessment of general farm properties was up 0.13 per cent.

So how will these latest figures impact your property taxes.

Townsend said that with the 2.96 per cent tax increase approved by council, and assuming no adjustments to the mill rate between residential and commercial properties, the average residential property owner will see a municipal tax increase of $45.14, assuming that owner's assessment change falls within the overall average for the city. Those who experienced a larger change than the average, will see a larger tax increase, with those below the average seeing a smaller increase.

“Most homes in the South Fraser Region are remaining stable in value compared to last year’s assessment roll,” said Craig Barnsley, deputy assessor. “Most homeowners in the South Fraser region will see modest changes in the -5 to +5 per cent range."

Of six examples of Richmond properties provided by B.C. Assessment, all recorded a drop in value.

Province wide, property assessment were up slightly for most of B.C., with all property in B.C. rising 1.27 per cent.

The biggest increases were in the Northwest and Peace River regions, which rose about 10 per cent.

The largest moves in the 2014 assessment roll were for managed forest land, which showed a jump of 15.3 per cent in the Fraser Valley, and drops of 10 per cent or more in other regions.

Overall, the South Fraser region’s assessment roll increased from $187.2 billion last year to $190.5 billion this year. This increase can be attributed to $3.3 billion of growth in subdivisions, rezoning and new construction.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” said Barnsley.

If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may appeal by Jan. 31. An independent review will then be conducted by a property assessment review panel.

The panels, independent of B.C. Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and March 15 to hear formal complaints.

Examples of Richmond properties in the 2014 assessment roll

•Single-family dwelling – Broadmoor, 1997: $1,293,000 ($1,403,000 last year) down 7.8%

•Single-family dwelling – Steveston, 1972: $777,700 ($807,500 last year)  down 3.7 %

•Single-family dwelling – Shellmont, 1969: $973,000 ($1,017,000 last year) down 4.3%

•Strata Townhouse – Cambie, 2000: $525,000 ($535,000 last year) down 1.9%

•Strata Apartment – Broadmoor, 2000: $248,300 ($252,600 last year) down 1.7%

•Strata Apartment – Lansdowne, 1995: $276,000 ($279,000 last year) down 1.1%

To view your assessment numbers, or those of your neighbours, visit www.bcassessment.ca, where property owners can also find information on appealing their assessment figures.

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