Property values dip in Mission

BC Assessment notices being sent out this week to local homeowners

Mission homeowners will be receiving their assessments this week.

Mission homeowners will be receiving their assessments this week.

Property values in Mission dropped slightly compared to the rest of the Fraser Valley, according to BC Assessment.

Single-family detached homes, on average, were unchanged from last year’s assessed value of $338,000, however, apartment values dropped from $175,000 in 2013 to $171,000 in 2014, while the value of a townhouse dipped to $198,000 from $200,000.

Property owners will be receiving their assessment notices in the mail 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, deputy assessor. “Most homeowners in the Fraser Valley will see modest changes in the minus-five per cent to plus-five per cent range.”

Overall, the Fraser Valley assessment roll, which includes properties from Pitt Meadows to Boston Bar on both sides of the Fraser River, increased from $89 billion last year to $90.7 billion. Most of the growth, according to BC Assessment, was the result of subdivisions, rezoning and construction.

Assessments are determined by the property’s market value as of July 1, 2013, and its physical condition as of Oct. 31, 2013. The property’s age, view and location are also taken into consideration.

Anyone who feels their property assessment doesn’t reflect the market value should contact BC Assessment before the end of this month. For more information call 1-866-valueBC or visit bcassessment.ca.