Abbotsford and Mission property values remain stable

Property values in Abbotsford and Mission have remained stable compared to last year, according to the B.C. Assessment Authority

Property values in the Fraser Valley have remained stable over the past year.

Property values in Abbotsford and Mission have remained stable compared to last year, according to the B.C. Assessment Authority.

Owners of more than 193,000 properties throughout the Fraser Valley can expect to receive their 2015 assessment notices in the next few days.

“Most homes in the Fraser Valley are remaining stable in value compared to last year’s assessment roll,” said Raj Sandhu, acting assessor.

Overall, Fraser Valley’s assessment roll increased from $90.7 billion last year to $94.3 billion this year. Of note, a total of $1.8 billion was added through subdivisions, rezoning and new construction.

Assessments are the estimate of a property’s market value as of July 1, 2014 and physical condition as of Oct. 31, 2014.

A typical single family home in Abbotsford rose in assessed value to $436,000 in 2015 – up from $428,000 in 2014. Apartment stratas dropped to $179,000 from $185,000 and townhouses rose slightly to $332,000 from $330,000.

In Mission, the assessed value of a single family home also saw an increase to $351,000 in 2015 from $338,000 in 2014. Apartments also dropped to $166,000 from $171,000 and townhouses rose to $204,000 from $198,000.

These figures are based on a typical home, not average values.

In addition, most owners of commercial and industrial properties in the Fraser Valley will see changes ranging from 5 per cent to 10 per cent.

B.C. Assessment ranked the Fraser Valley’s top 100 valued properties, the majority of which are located in the Township of Langley.

An Abbotsford property, located at 35220 Cassiar Ave., ranked second on the list, with its total taxable value listed at $8,126,000. Four other Abbotsford properties make the top 100. No Mission properties are included in the list.

Sandhu said property owners who feel that their property assessment does not reflect market value as of July 1, 2014, or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.

“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 Feb. 2 for an independent review by a Property Assessment Review Panel,” added Sandhu.

The Fraser Valley assessment office is located at #240, 31935 South Fraser Way in Abbotsford. 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 by clicking “CONNECT” at www.bcassessment.ca.

Visit www.bcassessment.ca for more information about the 2015 Assessment Roll including lists of 2015’s top 100 most valuable residential properties across the province.