Some homeowners in the Coquitlam neighbourhoods of Burquitlam and Maillardville will see their property values jump by as much as 25% this year.
Yesterday (Tuesday), the BC Assessment Authority (BCAA) released its 2012 roll for the Tri-Cities, Burnaby and New Westminster, showing an increase as much as 15% for the North Fraser region.
Deputy assessor Zina Weston said the Coquitlam "pockets" of Maillardville and Burquitlam as well as along Murray Street in Port Moody are the highlights, with recent rezoning changes for duplexes and heritage upgrades in Maillardville plus new construction for the upcoming Evergreen Line through Burquitlam and Moody Centre as being the driving factors for the high assessments in those areas.
Property assessment notices were mailed out last Friday and most homeowners should be receiving their letters in the mail this week, Weston said.
Property owners wanting to appeal their assessments have until Jan. 31.The assessment office is located at 420-2700 Production Way, Burnaby.
To see your assessment online, go to www.bcassessment.ca and click on the e-valueBC link. If you have not received your assessment notice in the mail by mid-month, call 1-800-661-6343.
The assessments reflect market value as of July 1, 2011, and provide the basis for taxing authorities, like municipal governments, to raise levies annually.
City staff adjust the taxation rate to reflect the average increase for each property class. The tax rate per thousand dollars of a property's assessed value are adjusted to fit with the city's budget to pay for capital and operating costs. Simply put, city councils decide how much money they need to run civic business for the year, then tailor their tax rates to get that money based on assessed values (Coquitlam is expected to adopt its budget on March 5).
In April, after assessment appeals are complete, city staff will adjust the tax rate before municipal property taxes are due on July 1.
But while cities control taxes under their jurisdiction, they have no say over the amount charged by other agencies that it collects for, such as Metro Vancouver and TransLink. Municipalities are required to include those levies on the property tax bill and pass the money on to the other governments or agencies by August - whether or not the taxes are paid by the property owner.
Meanwhile, also yesterday, the provincial government announced the $570 homeowners' grant will now be available to residents with properties worth up to $1.285 million. The increase, from last year's $1.15 million, is to accommodate rising land values. As well, the government plans to create a $275 grant for low-income Canadian Forces veterans who are homeowners.
Current property values and change over 2011, by neighbourhood:
COQUITLAM
Central Coquitlam, 1960s single-family home, $724,000 (up $28,000)
Maillardville, 1950s single-family home, $621,000 (up $74,000)
Ranch Park, 1970s single-family home, $641,000 (up $18,000)
Westwood Plateau, 1997 single-family home, $918,000 (up $50,000)
Oxford Heights, 1990s single-family home, $657,000 (down $31,000)
New Horizons, 1980s single-family home, $544,000 (up $19,000)
Burke Mountain, 2010 single-family home, $839,000 (up $62,000)
Strata high rise, 2009 two-bedroom, $372,000 (up $11,000)
Strata low rise, 1992 two-bedroom, $254,000 (up $2,000)
Strata townhouse, 1989 three-bedroom, $362,000 ($15,000)
PORT COQUITLAM
Mary Hill, 1960s single-family home, $467,000 (down $3,000)
Citadel Heights, 1990s single-family home, $678,000 (up $24,000)
Lincoln Park, 1970s single-family home, $486,000 (down $8,000)
Citadel Heights, 1994 strata townhouse, $524,000 (up $15,000)
Citadel Heights, 1988 strata townhouse, $442,000 (up $16,000)
PORT MOODY
College Park, 1960s single-family home, $601,000 (up $33,000)
North Shore, 1970s single-family home, $812,000 (up $40,000)
Heritage Woods, 1995 single-family home, $884,000 (up $30,000)
Strata high rise, 2005 two-bedroom, $351,000 (down $12,000)
Strata low rise, 1996, two-bedroom, $348,000 (up $7,000)
Strata townhouse, 1990 three-bedroom, $311,000 (up $7,000)
The North Fraser region assessment roll since 2006:
2006: $73 billion
2007: $89 billion
2008: $102.1 billion
2009: $104.2 billion
2010: $104.7 billion
2011: $116 billion
2012: $124 billion
