Home values rise five per cent

The assessed value of a typical single-family house in Mission increased between five and 10 per cent, according to Assessment BC.

The total residential assessment role in Mission rose more than five per cent over the past year.

The total residential assessment role in Mission rose more than five per cent over the past year.

The value of single family homes in Mission rose on average between five and 10 per cent, according to BC Assessment, which sent out notices this week to hundreds of thousands of property owners across the region.

A home owner of a typical Mission house assessed at around $330,000 last year could expect n increase of between $12,000 and $30,000 in their home’s value.

The exact change in a home’s assessed value depends on a variety of factors, including the size, location and age of a house.

Because all home owners pay the same residential tax rates, those whose assessed homes rose more than the city average will see their share of the tax bill increase, while those whose properties increase at a below-average rate (or decreased) may see their tax bills fall.

The assessed value of single-family homes in Mission increased, on average, between five and 15 per cent over the previous year.

Townhouses in Mission saw their assessed value rise between zero and five per cent, while the value of a typical condo saw no significant changes.

The total assessed value of residential properties in Mission rose 5.53 per cent over the previous year. Properties in the “business and other” class, which includes retail properties, office buildings and warehouses, rising 5.77 per cent.

Across the region, assessed values increased substantially, with properties in South Delta and parts of Richmond seeing the largest rises.

“The majority of residential home owners within the region can expect a modest increase, compared to last year’s assessment,” said deputy assessor Brian Smith.

Overall, the Fraser Valley’s total assessments increased from $294.1 billion in 2015 to $321.1 billion this year. A total of almost $6.031 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. Across the province the total value of real estate rose 11.1 per cent to $1.34 trillion from the previous year.

Properties are assessed based on their market value on July 1, 2015, and their physical condition on Oct. 1, 2015. Those concerned about their assessment can submit a Notice of Complaint by Feb. 1 for an independent review.

For more information visit bcassessment.ca.