Property values down in Langley City, up in Township
Assessed property values in the City of Langley have fallen slightly compared to the previous year while Langley Township values were up or unchanged.
The just-issued 2013 BC assessment notices show the average value of a single family home in the City is now $461,000, a .86 per cent drop from $465,000 in 2012.
In the Township, an average single family home is now worth $519,000, a .78 per cent increase from the $515,000 average of the previous year.
Condominiums lost value in the City, with the average strata apartments going from $206,000 to $197,000, a 4.3 per cent drop.
The average Langley City Townhouse fell from $206,000 to $198,000, a drop of 3.8 per cent.
It was a different story in Langley Township, where the average strata apartments assessed value was unchanged from the previous year at 191,000.
The average Langley Township Townhouse rose from $217,000 to $220,000, an increase of 1.3 per cent.
There were ups and down in other regions of the province, too.
Drops of as much as five per cent and gains of up to 10 per cent for single detached houses were experienced in Surrey, Burnaby and the Tri-Cities.
Drops as big as 10 per cent were recorded in White Rock and significant decreases were seen in Whistler, Pemberton, the Sunshine Coast and Bowen Island.
"For the first time in many years a significant number of properties in the region are actually decreasing in value," assessor Jason Gratl said of Vancouver Sea-to-Sky region changes.
Many homes on Vancouver's west side and in Richmond are also down slightly, after gains of as much as 30 per cent a year earlier.
Strata condos and townhomes in Metro Vancouver were susceptible to wider swings, with drops of as much as 10 per cent and gains of 10 per cent typical.
But most Fraser Valley home owners are seeing minimal changes, according to assessors.
The numbers vary considerably depending on neighbourhoods, property type, age and other localized factors.
Assessments are considered a snapshot of the property value as of July 1, 2012, which pre-dates some of the recent decline in Lower Mainland real estate markets.
The property assessments are being mailed out this week.
But owners can also check their assessments online at bcassessment.ca (click on e-ValueBC) and compare with others in their neighbourhood to decide if they want to file an appeal by Jan. 31.
Appeal requests go to independent property assessment review panels that convene in February.
Changes in the property tax payable depends on the actual tax rates to be set by each local municipality, so a home that's assessed five per cent higher might not pay any more in tax if the average assessment in the city rose 10 per cent and the local council sets its rate to generate a smaller tax revenue increase.
The total assessed value of real estate in B.C. rose 2.3 per cent from a year ago.
Most cities are seeing gains of around 1.5 per cent in their assessment rolls from new construction, expanding their tax base.
with files from Jeff Nagel, Black Press