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Property Value In Northern BC On The Rise

Property Value In Northern BC On The Rise”

The city says most Edmonton homeowners will see their properties' values unchanged when they receive their 2018 property assessment notices.

Assessments released Tuesday show that between July 1, 2016 and July 1, 2017 a typical single-family, detached home in Edmonton went up by 0.6 per cent and is valued at $399,500.

"The residential strata market has been particularly robust with assessments increasing 15% to 35% in many areas", added Ireland. "Some markets have moved more than others".

The average assessed residential value of homes for District of Port Hardy saw a four per cent increase.

Deputy Assessor Graham held says in a release today, January 2, that last year's wild weather in the region had an impact on some properties.

The largest increases in assessment averages came from Revelstoke at 21.1 per cent, Village of Fruitvale at 17.2 per cent, and Rossland at 11.8 per cent.

The biggest gains are seen across all residential types in Langley, with assessed values up almost 20 per cent.

BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. All you need do is type in your address or, for that matter, your neighbour's, relative's or ex-spouse's address to see what their homes may be worth. This is not necessarily the case, since the determination of local tax rates is ultimately based on the budget requirements of the taxing authority, in this case the City of Kimberley, RDEK, School Board etc.

In the case of some Marpole or Cambie Corridor bungalows, the reduced assessment and taxes may be less than half the assessed value and taxes of the property next door.

Changes in property values can also vary greatly from property to property.

There was a moderate increase year-over-year in the City of Kamloops, up nine per cent compared to last year.

While northern B.C. accounts for approximately 70 per cent of the province's landmass, it accounts for only 3.3 per cent of total assessed value of property.

According to the numbers provided by BC Assessment, North Surrey condos saw the biggest gains, with a 40 per cent spike from $217,000 to $303,000.

Assessments are the estimate of a property's market value as of July 1, 2017 and physical condition as of October 31, 2017.

Homeowners in Langley - particularly condo owners - can expect to see a significant increase in their property values when they receive their 2018 assessment notices in the mail this week.



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