Assessments for residential properties in New West are dropping at a similar rate to other Lower Mainland cities, says BC Assessment.
Owners of more than a million properties throughout the Lower Mainland are now receiving their 2020 assessment notices, which reflect market value as of July 1, 2019.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," BC Assessment deputy assessor Brian Smith said in a press release. "As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."
According to B C Assessment, assessments for residential single detached homes in Greater Vancouver saw decreases of -15 to 0% in 2020, compared to 2019. Residential strata units saw similar changes in value.
“This year they seem to be moving a bit more in sync with each other,” he told the Record. “It’s just general market conditions are changing.”
Smith said the Lower Mainland residential real estate market continues to see signs of moderation.
"Depending on your location and property type, you will experience a different level of change on your 2020 assessment notice,” he said in a press release. “Homes located in Whistler and Pemberton can expect a minimal increase in their assessments, whereas the rest of the region will likely experience a reduced assessment value."
According to BC Assessment, a typical single-family residential property in New West was assessed at $1,147,000 in 2019 and $1,054,000 in 2020 – a drop of eight per.
In 2019, a residential property at 1016 Salter St. in Queensborough was assessed at $3,326,000 – the highest assessment in New Westminster. In 2020, that property’s assessment dropped to $1,963,000.
Here are 2020’s Top 10 assessments for single-family homes in New West: 101 College Crt. – $2,614,000; 218 Regina St., – $2,580,000; 1238 Ewen Ave. – $2,434,000; 507 Blackford St. – $2,431,000; 411 Eighth Ave. – $2,379,000; 329 Second St. – $2,362,000; 127 Queens Ave. – $2,359,000; 221 Queens Ave. – $2,352,000; 124 Second St. – $2,327,000; and 122 Third Ave. – $2,312,000.
In terms of strata properties in New Westminster, BC Assessment reports the typical assessed value was $547,000 in 2019 and $500,000 in 2020, which is a nine per cent drop.
Details about 2020 assessments, property information and trends such as lists of 2020’s top valued residential properties across the province can be found at www.bcassessment.ca.The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province.
Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use BC Assessment’s interactive map.
“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, 2019 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” Smith said. “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 Jan. 31 for an independent review by a property assessment review panel.”
Property owners can also contact BC Assessment toll-free at 1-866-825-8322.