Surrey residential property values up 34 to 50 per cent

Home owners should receive their assessment notices in the mail this week.

Houses in Surrey

Houses in Surrey

SURREY — A majority of Surrey homeowners can expect to see property assessment increases between 34 per cent and 50 per cent, depending on which neighbourhood they live in, when they receive their notices in the mail this week.

Information distributed the CNW Group Ltd. indicates more than 476,000 property owners in the Fraser Valley will receive 2017 assessments that reflect the market value of their property as of July 1, 2016.

Typical single family residential properties in Surrey, comparing the 2016 assessment roll with 2017 assessed values, are seeing a 43 per cent increase in North Surrey ($701,000 from $491,600), a 36 per cent increase in Central Surrey (to $803,000 from $592,000), a 34 per cent increase in East Surrey ($846,000 from $630,000) and a 50 per cent increase in South Surrey — the highest increase in the region — to $1,196,000 from $790,000.

North Delta properties will typically see a 48 per cent increased change in value, to $850,600 from $573,400.

The lowest increases in assessed property value in the Fraser Valley region is 30 per cent, in West Maple Ridge (to 735,000 from $566,000).

Other typical changes in urban areas of the Fraser Valley Region include a 15 to 30 per cent increase in assessed values in strata units (such as condominiums) a 10 to 35 per cent increase for commercial properties and increases of 10 to 30 per cent for light industrial properties.

Brian Smith, the deputy assessor for BC Assessment, Fraser Valley Region, said property owners who “feel that their property assessment does not reflect market value” as of July 1, 2016, “or see incorrect information on their notice” should contact BC Assessment toll-free at 1-866-825-8322 as soon as possible.

“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 31st for and independent review by a property assessment review panel,” Smith said.

Meanwhile, the number of properties on the 2017 B.C. property assessment roll has increased by one per cent over 2016, to 2,017,364. The total value of the real estate on the latest roll is $1,667,918,048,627 ($1.67 trillion) — an increase of more than 25 per cent from 2016.

The assessment roll provides the foundation by which local and provincial tax collectors raise more than $7 billion in property tax each year.

Jason Grant, regional assessor for BC Assessment said the majority of residential property owners north of the Fraser River, in the Greater Vancouver Region, can also expect a “significant increase compared to last year’s assessment.

“Increases of 30 to 50 per cent will be typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish,” Grant said. “Typical strata residential increases throughout these areas will be in the15 to 30 per cent range.”

Owners of more than 513,000 property owners in Greater Vancouver will receive 2017 assessment notices.

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