BC Assessment released a statement Tuesday indicating homeowners in Steveston and West Richmond should expect a significant increase to the assessed value of their homes.
“The recently finalized 2016 assessments are indicating significant increases from 2015,” said assessor Jason Grant, in an online statement.
Homes in Richmond could see a 15-20 per cent increase for the 2015 assessment, which is based on market values as of July 1.
The assessment office provided examples of what to expect. For instance, in West Richmond a home once worth $1.65 million is now worth $1.86. In the Steveston area, a home valued last year at $852,000 is now worth $1.02 million.
Grant said many homeowners in Richmond (those whose homes rose 15 per cent above the average hike) will get an early notification to prepare them for the increase, which will mean a greater tax burden.
“The market for single family homes between July 1 and the end of November has continued to rise dramatically, so property owners should be reminded that their 2016 assessments are based on the market value as of July 1, 2015.”
