Assessment notices are due to land in mailboxes in the next few days, and many local homeowners will see a modest increase in the value of their property.
In New Westminster, assessments overall have increase from $13.070 billion (valuation date of July 1, 2011) to $13.761 billion (valuation date of July 1, 2012).
"Most homes in the North Fraser region are relatively similar in value compared to last year's assessment roll," Zina Weston, deputy assessor with B.C. Assessment, said in a press release. "Most single-family homeowners will see modest changes in the minus-five-per-cent to plus-10-per-cent range."
Overall, the North Fraser's assessment roll increased from $124 billion last year to more than $130 billion this year. A total of almost $2.1 billion of this growth includes subdivisions, rezoning and new construction, the release noted.
The examples below demonstrate market trends for residential properties in New West by location, property type and ages. The first figure is the 2012 assessment, and the second is the 2013 assessment:
- Single-family dwelling, Glenbrooke, 1950s: $664,000, $707,000
- Single-family dwelling, Queen's Park, 1910s: $1,010,000, $1,118,000
- Single-family dwelling, Sapperton, 1930s: $523,000, $550,000
- Single-family dwelling, Queensborough, 1960s: $644,000, $672,000
- Strata, highrise, three bedroom, 1992: $372,000, $392,000
- Strata, lowrise, two bedroom, 1993: $310,000, $300,000
- Strata, townhouse, three bedroom, 1990: $476,000, $444,000
"In markets that have declined in value since the summer of 2012, the 2013 property assessment may be higher than current sales or listing prices," Weston said in the release.
Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact B.C. Assessment as listed on the assessment notice, Weston stated.
"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 Jan. 31, for an independent review by a property assessment review panel," Weston said.
Locally, commercial real estate value increased for stratified offices and stratified retail properties in the Columbia Station area and Brewery District in new West, according to the release.
For more information about 2013 property assessments including lists of 2013's top valued residential properties, please visit www.bcassessment.ca.