‘Modest’ increases in most Surrey, White Rock assessments
Many homeowners in Surrey and White Rock will see their property values increase – some by as much as 15 per cent – in 2012 assessment notices.
Assessments for more than 149,000 properties in the area should have been received by Friday.
But the rise in value for most will be “modest,” according to South Fraser Region deputy assessor Chris Danchuk.
“Most homes in Surrey and White Rock are worth more in value compared to last year’s assessment roll,” he said.
“Homeowners will see changes in the minus five per cent to plus 15 per cent range.”
The same range of change can also be expected by owners of commercial and industrial properties.
The overall upward shift in the assessment roll in Surrey and White Rock was from $86.6 billion last year to $93.8 billion this year, of which $2.1 billion represents subdivisions, rezoning and new construction.
According to BC Assessment comparative figures, an average 12-year-old single-family home in Newton assessed at $462,400 last year would now be worth $466,000. A single family home in Cloverdale of similar vintage valued at $613,300 for the 2011 roll would rise to $616,000; while a 30-year-old single family house in South Surrey assessed at $623,800 a year ago would have risen in value to $683,000.
A 17-year-old two-bedroom strata apartment in Newton that was $202,200 last year would be $203,000 this year, while a 10 year-old Cloverdale strata townhouse assessed at $346,900 last year would now be $352,000.
In White Rock, while older (1993 and earlier) strata apartments may be static in value or have actually gone down; single-family dwellings can be expected to appreciate considerably.
A 50-year-old single family home assessed at $475,500 a year ago would now be $509,900, while a slightly newer house valued at $795,000 would have climbed to $875,700. A newer home (2004) assessed at $1,180,200 in 2011 would have appreciated $96,800 to $1,277,000.
Property owners who think their assessment does not reflect market value at July 2011, should contact BC Assessment as soon as possible this month, Danchuk said.
If the matter can’t be settled, a Property Assessment Review panel appeal should be filed by Jan. 31. Visit www.bcassessment.ca or call 604-576-4700.