Most property owners in Fraser Valley can expect an increase in their property values, according to BC Assessment.
Smith said the larger percentage jumps among condos and townhomes values is the likely result of increased demand, as more and more buyers are pushed out of the market for single-detached homes. The Lululemon founder's waterfront property is assessed at $78.8 million this year. Other large increases were seen in Maillardville townhouses (up 22% to $581,000), North Vancouver's Central Lonsdale condos (up 21% to $484,000), Garibaldi estate condos in Squamish (up 20% to $596,000) and Metrotown-area condos in Burnaby (up 20% to $728,000).
"Property taxpayers have a right to either the lower of the actual market value, or the eq-uitable assessment value for their property", Down adds. So, when we look at July 1, 2017, our assessments reflect what's happened in the marketplace at that time.
But despite property owner concerns, increases in property value don't always mean a sharp increase when the tax bill comes out, Schwagele said.
"There has been a little bit less demand [for single-family homes]".
Last year, home values rose by an average of 32 per cent, but some single-family houses saw increases of as much as 50 per cent.
Ireland noted homeowners will see an increase in property taxes only if the assessed value change is greater than the norm.
"The western communities increased, Sidney increased, and those jurisdictions a year ago didn't experience the same kind of volume", said Deputy Assessor Gerry Marolla.
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The average value of single family residential properties in the city this year is $441,000 compared to $405,000 in 2017.
In urban areas on the Island, condos and townhouses are expected to see an increase of between 15 and 35 per cent in their assessment, while in rural areas strata units should see an increase anywhere between zero and 30 per cent. "The values are for July 2017, and since then the market has gone upward price wise, while in the last few months it has tended to flatten out".
Homeowners that don't agree with their assessment have the option to appeal their notice.
We're seeing the biggest movement in the condo market.
"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 January 31, for an independent review by a Property Assessment Review Panel", adds Ireland.
Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.
BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.
BC Assessment's website provides a map of the top 500 most valuable residential properties in the province.