Property assessment spikes in Richmond are among the highest in the province, with some rising as much as 30 per cent.
The annual assessment notices have started popping up in mailboxes this week and many folks in Richmond are in for a surprise, despite the continuing effects from a shaky global economy.
The average increase in assessment is around the 16 per cent mark, but the biggest rise is being felt in the Thompson area, where a single-family home built in 1992 has jumped from $1,283,000 to $1,677,000.
Next comes the Broadmoor district, where a 1997-built single-family home assessed at $1,214,500 in July 2010 is now up to $1,410,000 in July 2011.
Similar homes in Steveston and Shellmont neighbourhoods have climbed ten and 15 per cent respectively in the last year.
While a three-bedroomed strata townhouse in the Cambie area, built in 2000, is now at $543,000 from $498,400.
A one-bed strata apartment on Lansdowne Road will see a more modest rise, up to $300,000 from $281,000.
Most homes in Delta are remaining stable while certain parts of Richmond are experiencing significant increases, said Craig Barnsley, deputy assessor for the South Fraser Region.
Home owners in Delta can expect changes in the -5 per cent to +10 per cent range for both single family dwellings and multi-family strata buildings. In Richmond, the changes are higher in the +5 per cent to +30 per cent range for single family dwellings and 0 per cent to +10 per cent range for multi-family strata buildings.
The spikes, however, should not be a cause for concern for everyone because a property assessment increase doesnt necessarily translate to an increase in property taxes, provided similar homes in your area have also risen accordingly.
Overall, Richmond and Deltas assessment roll increased from a combined total of $78.7 billion last year to just over $87 billion this year. A total of almost $1.2 billion of this growth includes subdivisions, rezoning and new construction.
In addition, most owners of commercial and industrial properties in Richmond and Delta will see changes ranging from -5 per cent to +10 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 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 Jan. 31, for an independent review by a Property Assessment Review Panel, added Barnsley.
The Richmond/Delta assessment office is located at 11331 Coppersmith Way, Unit 200 in Richmond. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. The telephone number is 604-241-1361 or toll free at 1-800-644-7774.
For more information, go to www.bcassessment.ca.
Across the province, the Sea to Sky region, for example, will see assessments generally down, with Squamish homeowners' property values dropping up to 10 per cent in some areas and rising five per cent in others, according to BC Assessment.
In Whistler and Pemberton, some property owners will see decreases in values of up to 15 per cent.
In comparison, North Vancouver home assessments have risen five to 15 per cent, while West Vancouver property owners will see significant increases in the 15-to 30 per cent range.
Vancouver's 192,000 property owners can also expect big hikes.
In the Fraser Valley, property owners will see little change in values this year.
With files from the Vancouver Sun
