Despite a recent dip in housing prices brought on by high-interest rates, the 2023 assessments are up in both Maple Ridge and Pitt Meadows.
Owners of the 1.1 million properties in the Lower Mainland will be getting their assessment notices over the coming days, and they reflect the market value of properties as of July 1, 2022.
“Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher around July 1, 2022 compared to the previous year,” says BC Assessment Assessor Bryan Murao.
A single-family home in Maple Ridge has risen from a typical assessment of $1,118,000 to $1.2 million, for an eight per cent increase.
Pitt Meadows saw a steeper increase, from $1,125,000 to $1,293,000 for an increase of 15 per cent.
The assessment of condos and townhouses in Maple Ridge is up from $563,000 to $649,000 for a 15 per cent increase. Strata information for Pitt Meadows is not available.
Neighbourhoods show various increases, as Ruskin assessments rose 12 per cent, Haney 6.5 per cent, Cottonwood/Albion 8.7 per cent, and Whonnock 8.3 per cent.
“Property assessments are separate from the municipal budget process,” said Cheryl Harding, the city of Pitt Meadows director of financial services. “There is often a misunderstanding that as property assessments increase, the city receives additional tax revenue. This is not the case since the city only collects the amount of taxes required to pay the costs of its services budgeted in any given year.”
She said the only driver of the municipal property tax increase is an increase in the city’s budget. On Dec. 13, council concluded budget deliberations for 2023. Based on the budget, homeowners experiencing the average assessment increase will see a 7.61% general municipal tax and utility increase.
For single-family homes and condos across Greater Vancouver, the assessment increase averages nine per cent. In the Fraser Valley the increase is higher at 10 per cent for houses and 15 per cent for condos and townhouses.
BC Assessment’s website bcassessment.ca offers more detail, and property owners can search for their new assessment.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Murao.
If a property owner is concerned about their assessment after speaking to an appraiser, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review by a property assessment review panel. The panels meet between Feb. 1 and March 15 to hear formal complaints.
For the Lower Mainland region, the overall total assessments have increased from about $1.75 trillion in 2022 to over $1.94 trillion this year.
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