Assessments rise dramatically, and tax jumps could follow
The value of homes in Surrey and the surrounding region continues to rise, according to figures released by the B.C. Assessment Authority on Monday. The authority took the unusual step of stating in early December that many assessed values would increase “notably more than average.” It said many property assessments, particularly of homes on lots, would rise by 15 to 25 per cent from the January, 2015 assessments. These significant jumps would take place throughout the Metro Vancouver area. Assessed values are used for property taxation purposes, but are also widely used by realtors, home buyers and sellers and others wanting more information on what’s going on in the real estate market. The authority wasn’t wrong about the jump in property values. A press release issued Monday shows that the assessed values (which are based on a hypothetical sale on July 1, 2015) have risen by between 10 and 17 per cent in Surrey, Delta and White Rock. The “typical” assessed value for sta...