On the plus side, Maple Ridge homeowners have seen a healthy 15-per-cent jump in the value of their properties over the past year, as real estate prices keeps rising.
On the minus side, if your home or condo increased by more than the average, your property tax bill could climb correspondingly.
B.C. Assessment already has sent out some assessment notices in the mail, with the majority to be mailed out in January. Those tell homeowners how much their property was valued at during the previous July.
Those values determine how much property tax you will pay. But if your property jumped by the average amount, you’ll pay the average tax increase.
Maple Ridge’s council’s budget this year, due for approval in January, calls for a 3.62-per-cent increase in taxes on the average home.
“If there’s anything we’d prompt people to do is look at their assessments, and if they’re not accurate, they should appeal,” said city financial planning manager Trevor Thompson.
The assessment has to be filed with B.C. Assessment by the end of January.
“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,” says assessor Tina 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.”
However, said the residential strata market (condos) is quite robust with typical changes expected to be in the 10-30 per cent range across Metro Vancouver, Fraser Valley, Vancouver Island and the Okanagan; the higher end being notable in Metro Vancouver and Fraser Valley.
“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” adds Ireland. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”