Friday, January 06, 2006

Abbotsford Land Values continue to rise

As property owners tear open their B.C. Assessments this week, most will be greeted with the news that their real estate values have gone up.

In Abbotsford the average home value is $326,000, up from $296,000 last year, while the average strata unit value is at $122,000, up from $108,000 in 2005.

In Mission the average home value is $293,000, up from $264,000 last year. Mission strata units rose to $110,000 from $98,000 the year previous.

The increase is no surprise as that's been the trend for a few years, although 2005 and 2006 assessments have shown the largest increases in recent years, said John Yannacopoulos, assessor for the Fraser Valley area.

"Usually we've seen increases around three to five per cent," said Yannacopoulos.

"[This year] houses on standard residential lots have gone up somewhere between 10 to 15 per cent. And these vary depending on quality and location."

The 2006 assessments are based on market values from between July 1, 2004 and July 1, 2005, Yannacopoulos said.

While assessments go up, city property taxes may not, as cities often adjust their tax rates down so land owners are not faced with huge tax increases, he said.

The region, including 169,000 properties from Langley to Boston Bar saw its assessment roll increase to $55 billion from $50 billion last year.

About $1.6 billion of that increase is due to growth in subdivisions, rezoning and new construction.

Owners who don't agree that their assessments accurately reflect market value as of July 2005, should call the local tax assessment office soon.

"If people have questions we can usually get it resolved quickly before they need to file for a formal review," Yannacopoulos said in a press release.

If people still prefer a review, they can follow the directions on the back of their assessments, or file a request online at the agency's site at www.bcassessment.ca.

Owners can now also compare their home values at the website and find out the selling price of neighbouring properties sold before July, 2005.