Property assessment notices are on their way out in Richmond, with values ranging between a ten per cent reduction to a five per cent increase.
Owners of more than 105,000 properties throughout Richmond and Delta can expect to receive their 2013 assessment notices in the next few days.
“Most homes in both Delta and Richmond are remaining relatively stable for the 2013 assessment roll,” said Craig Barnsley, deputy assessor for the South Fraser Region.
“Home owners in Delta can expect moderate changes in the range of -5 per cent to +10 per cent for both single family dwellings and multi-family strata buildings.
“In Richmond, the changes are similar in the -10 per cent to +5 per cent range for single family dwellings while multi-family strata properties are in the -5 per cent to 0 per cent range.”
Overall, Richmond and Delta’s Assessment Roll increased from a combined total of just over $87 billion last year to $88.2 billion this year.
This reflects an increase of $1.26 billion resulting from subdivisions, rezoning and new construction.
In Richmond, an assessment on a typical single-family home in Thompson has dropped from $1,677,000 to $1,642,000, while a comparable home in Broadmoor will experience a similar drop, from $1,410,000 down to $1,403,000.
A single-family home in Shellmont and a three-bed strata townhouse in Cambie were two of the exceptions, both with modest increases.
In addition, most owners of commercial and industrial properties in Richmond and Delta will see changes ranging from -5 per cent to +15 per cent.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Barnsley.
“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.”
The Property Assessment Review 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.
Richmond and Delta are part of the South Fraser assessment region. The South Fraser assessment office is located at 5477 - 152nd Street in Surrey. During the month of 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-valueBC (1-866-825-8322) or via www.bcassessment.ca.