The 2015 BC Assessment data indicated that there are only 134 homes in Chilliwack with secondary suites. But the real number is likely much higher. (Jenna Hauck/Progress file)

67,000 homeowners get early-warning assessment notice

These notices have been sent out to homes with an above-average increase in their 2018 assessment

New property values will be released in early January from BC Assessment, but thousands of homeowners have already been told their home has gone up in value.

Approximately 67,000 notices have been sent out to homes with an above-average increase in their 2018 assessment. These letters work as an early-warning sign to homeowners so they’re not completely shocked when the information becomes readily available online Jan. 2.

Last year the independent Crown corporation sent out 82,000 letters, which was more than double the amount in 2016 (37,000 letters) and triple that of 2015 (24,000).

Each year BC Assessment grades the value of homes throughout the province and reflects the market value as of July 1. This is done through analyzing current sale prices in the area, along with the property’s size, age, quality, condition, view and location.

Many homeowners have come to dread these assessments in recent years, especially those living in the Lower Mainland, Okanagan and Vancouver Island as city council staff often use this information in determining property tax in each municipality, but that decision is made separately from BC Assessment estimates.

“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” says Assessor Tina Ireland. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”

Homeowners in B.C. will receive their annual notices in the mail next month, and the BC Assessment website will be updated on Jan. 2 to reflect the new values.

An early preview from BC Assessment provides the following highlights for 2018:

  • Typical detached single family homes are very stable in the Metro Vancouver areas of Richmond, Vancouver, the North Shore and Burnaby; showing nominal changes in the zero to five per cent range.
  • Other areas of the province can expect greater increases of 10-20% for detached single family homes, particularly across the Fraser Valley, Vancouver Island and the Okanagan.
  • The residential strata market (i.e. condos) is quite robust with typical changes expected to be in the 10-30% range across Metro Vancouver, Fraser Valley, Vancouver Island and the Okanagan; the higher end being notable in Metro Vancouver and Fraser Valley.
  • Typical commercial and industrial properties can expect strong increases across most of the province in the 10-20% range, with the markets around Vancouver upwards of 35% in some areas.

“The preliminary market analysis for 2018 property assessments is showing strong market conditions across most areas and property types in the province, with a few exceptions,” adds Ireland.

“Assessments for detached single family homes in central parts of Metro Vancouver, for example, will be relatively stable, while other parts of the province will see increases when compared to last year’s assessments. Residential strata values are going up in most communities while commercial and industrial properties are also continuing to rise, particularly in the Vancouver area.”

Homeowners that don’t agree with their assessment have the option to appeal their notice once the official documents are mailed out in January.

You can find out more about the assessment process here.

Just Posted

Board declines to see new information in controversial Cowichan Bay rezoning

CVRD board now prepared for consideration of third reading and adoption

3 Cowichan salmon projects get $7,400 grants

The funds came from the Pacific Salmon Foundation’s Community Salmon Program

Crasa explodes to help Caps take three points

Cowichan falls in shootout at home, beats Kings in Powell River

Brothers in Cowichan Valley win big in lottery for 2nd time

Playimng same numbers net big wins over a three year period

Two Cowichan Tribes families devastated by duplex fire

Carla Sylvester sat in her vehicle, on Tuesday morning, with tears in… Continue reading

VIDEO: #MeToo leader launches new hashtag to mobilize U.S. voters

Tarana Burke hopes to prompt moderators to ask about sexual violence at next debate

Potent power play paces Canucks to 5-1 win over Detroit

Miller nets a pair as Vancouver wins third straight

UPDATE: British couple vacationing in Vancouver detained in U.S. after crossing border

CBP claims individuals were denied travel authorization, crossing was deliberate

After losing two baby boys, B.C. parents hope to cut through the taboo of infant death

Oct. 15 is Pregnancy and Infant Loss Awareness Day in B.C.

Cheating husband sues mistress for gifted ring after wife learns about affair

The husband gave his mistress $1,000 to buy herself a ring in December 2017

B.C. massage therapist reprimanded, fined for exposing patients’ breasts

Registered massage therapist admits professional misconduct

B.C. boosts legal aid funding in new payment contract

‘Duty counsel’ service restored in some communities, David Eby says

Rugby Canada helps recovery efforts in Japan after typhoon cancels final match

Canadian players wanted to “give back in whatever small way they could”

VIDEO: Bear spies on cyclists riding by on Campbell River street

Riders seem unaware the bruin is mere feet away on the side of the road

Most Read