Mission homeowners can expect to see a marginal increase in their property values as the 2012 assessment notices are sent out this week.
“Most homes in the Fraser Valley have remained stable in value compared to last year‟s assessment roll,” said John Green, deputy assessor. “Most home owners in the Fraser Valley will see minimal changes in the value of their properties.”
In Mission, the average single family home value increased $10,000 since 2011, up to $366,000. Local townhouses were assessed $1,000 more than last year at $240,000, while apartments in the district saw a $3,000 average value uptick to $176,000.
Overall, the Fraser Valley‟s assessment roll increased from $85.9 billion last year to $88 billion this year. Most of this growth was due to subdivisions, rezoning and new construction.
Assessments have remained stable for most residential homes and strata properties, and this year’s numbers demonstrate local market trends for these properties by geographic area; trends are affected by many variables.
In addition, owners of commercial and industrial properties in the Fraser Valley will typically see changes ranging from zero to 20 per cent.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Green.
“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,” added Green.
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 #240 – 31935 South Fraser Way in Abbotsford. During January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. They can be reached via telephone at 604-850-5900 or toll free at 1-800-393-1332. For more information, visit www.bcassessment.ca, or follow them on Twitter, YouTube, Facebook, and LinkedIn.