Average Mission single family home value remains flat

Average Mission single family home value remains flat

Local townhouses and apartments saw a small drop in this year's assessment

Many Mission property owners will see their housing investments have dropped slightly as the 2013 assessment notices hit mailboxes this week.

“Most homes in the Fraser Valley are remaining stable compared to last year’s assessment roll,” said John Green, deputy Assessor. “Most home owners throughout the Fraser Valley will see minimal changes in the value of their properties.”

A single family home in Mission is worth an average of $338,000, same as last year. A strata apartment averaged a $5,000 drop to $178,000, while townhouses fell in value from $175,000 to $172,000.

Overall, the Fraser Valley’s Assessment Roll increased from $87.5 billion last year to $89 billion this year. Most of this growth was due to subdivisions, rezoning and new construction.

In addition, owners of commercial and industrial properties in the Fraser Valley will typically see changes ranging from negative to positive five per cent.

“Property owners who feel that their assessment does not reflect market value as of July 1, 2012 should visit www.bcassessment.ca for answers to common questions or to find comparable sales and assessment information,” said Green. “If they see incorrect information or have further questions, they should contact us as soon as possible in January. Other services available on the website include a customer service survey and a list of 2013’s most valuable residential properties across the province.”

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

The panels, independent of BC 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.

The Fraser Valley assessment office is located at suite 240 31935 South Fraser Way in Abbotsford. During January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or via www.bcassessment.ca.