Over the next two weeks, homeowners can expect to receive their BC Assessment notice in the mail. The results are showing high increases in the Greater Vancouver area and especially in the Fraser Valley. Greater Vancouver property values have increased 29.7 per cent year over the year, but values across the Fraser Valley increased even more steeply by nearly 34 per cent! However, the latest assessments are from July 2016 therefore they do not take into account any price declines since the summer, which was close to the peak of 2016’s hot market.
If you are concerned about your assessment, BC assessor Jason Grant has recently said in a media statement, “those 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 as indicated on their notice as soon as possible in January. 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 31 for an independent review.”
A more in depth article on this matter can be found at www.rew.ca