Home, condo and townhouse owners in Mission will see their property values rise this year by an average of just over 33 per cent.
That’s according to a news release from BC Assessment.
In the next few days, approximately 13,500 properties in Mission – about 10,000 single-family homes, 1,000 strata units and 2,500 either industrial, commercial, institutional, or other types of uses – will receive their assessments in the mail.
Although 33 per cent is the average increase overall, single-family detached homes in Mission, and the rest of the Fraser Valley, increased in value anywhere between 30 to 50 per cent on average.
BC Assessment used the example of a Mission home valued at $345,000 in 2016 that is now valued at $506,000 – an increase of almost 47 per cent.
Deputy assessor Brian Smith said homeowners in Mission whose properties went up significantly higher than the 33 per cent average were sent notices advising them of the jump in value.
“They would have received a letter telling them that the increase may impact their taxes,” he said.
Smith said less than two per cent (250) of properties in Mission received an early notification letter letting them know of a significant increase.
He explained that homeowners whose properties went up by the average of 33 per cent will likely see minimal change in their municipal taxes (other than any increases made by the district’s new budget), while those who experienced an increase higher than the average will likely see a higher tax bill.
Four homes in Mission are valued at more than $2 million in 2017. The highest valued home is located on Ferndale Avenue and is valued at $3.165 million.
Overall, the Fraser Valley region’s total assessments increased from $321.1 billion in 2016 to $430.1 billion this year.
A total of almost $7.98 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. The BC Assessment Fraser Valley region includes properties in Richmond, Delta, Surrey, Abbotsford, Mission and throughout the rest of the Fraser Valley up past Hope and Boston Bar.
BC Assessment’s website (bcassessment.ca) includes more details about 2017 assessments, property information and trends such as lists of 2017’s top valued residential properties across 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, 2016 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Smith said.
If a property owner is still concerned about their assessment after speaking to an appraiser, they may submit a notice of complaint (appeal) by Jan. 31 for an independent review.
The closest Fraser Valley Region BC Assessment office is located at #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 1-866-825-8322.