Fraser Valley 2018 Property Assessment Notices in the Mail

SURREY, BC, Jan. 2, 2018 /CNW/ - In the next few days, owners of more than 485,000 properties throughout the Fraser Valley region can expect to receive their 2018 assessment notices, which reflect market value as of July 1, 2017.

"The majority of residential home owners within the region can expect an increase, compared to last year's assessment," says Assessor Laura Schwagele. "This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single family detached homes."

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates Fraser Valley's estimated typical percentage changes to 2018 assessment values by property type compared to 2017 (note that property assessments may vary by individual jurisdiction/municipality within the region).

Overall, the Fraser Valley's total assessments increased from $430.1 billion in 2017 to $492.2 billion this year. A total of almost $10.6 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The BC Assessment Fraser Valley's region includes properties in Richmond, Delta, and Surrey and throughout the rest of the Fraser Valley up past Hope and Boston Bar.

The summary below provides estimates of typical 2017 versus 2018 assessed values of residential properties throughout the region. These examples are actual individual assessment examples and are not averages. These examples demonstrate market trends for both single-family or strata (where noted) residential properties by geographic area: 

BC Assessment's website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018's top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.

"Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Schwagele.

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Schwagele.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

The Fraser Valley Region Assessment offices are located at:

Surrey Office
100 – 5477 152 Street
Surrey BC
V32 5A5

Abbotsford Office
240 – 31935 South Fraser Way
Abbotsford BC
V2T 5N7

During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca

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MEDIA BACKGROUNDER
January 2, 2018

Facts on B.C. Property Assessments and the 2018 Assessment Roll

• Total number of properties on the 2018 Roll is 2,044,482, an approximate 1.17% increase from 2017.
• Total value of real estate on the 2018 Roll is over $1.86 trillion, an increase of nearly 12% from 2017.
• Total amount of 'non-market change', including new construction, rezonings and subdivisions is approximately $31.6 billion, an increase of almost 28% from the 2017 Roll of $24.7 billion.
• In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $1,445,509,108,324 of the value on the total provincial roll.
• Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
• Assessments are the estimate of a property's market value as of July 1, 2017 and physical condition as of October 31, 2017. This common valuation date ensures there is an equitable property assessment base for property taxation.
• Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
• Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
• BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise over $7.5 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
• BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use "Find your property assessment". 
• For more information on the 2018 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.

SOURCE BC Assessment