Being average can be the anchor that handicaps people through life.
But that’s not the case when it comes to the annual BC Assessment property rolls, mailed out last week across the province.
In Richmond, like everywhere else, if your assessment increase or decrease falls into the average for the area you live in, then you’re likely to be subject to the city’s 2.96 per cent property tax increase (which converts, on average, to $45.14 per household).
If, however, your property value has increased or decreased to a level outside the average, then you should expect to see a marked change — you’ll either pay more than the city’s 2.96 per cent or slightly less.
According to the City of Richmond, the average residential assessment has dropped 2.73 per cent in the last year.
The Broadmoor neighbourhood experienced the most dramatic change, with a 1997-built single-family home, for example, falling 7.8 per cent, from $1.403 million to $1.29 million.
Other examples given by BC Assessment include:
• Steveston, single-family, 1972, $807,500 (2013) to $777,700
• Shellmont, single-family, 1969, $1,017,000 to $973,000
• Cambie, strata townhouse, 2000, $535,000 to $525,000
• Broadmoor, strata apt., 2000, $252,600 to $248,300
• Lansdowne, strata apt,. 1995, $279,000 to $ 276,000.
“Most homes in the South Fraser Region (including Richmond) are remaining stable in value compared to last year’s assessment roll,” said Craig Barnsley, BC Assessment’s deputy assessor.
“Most home owners in the South Fraser region will see modest changes in the minus five per cent to plus five per cent range.”
Across B.C., property assessments increased slightly, with an average 1.2 per cent rise.
Rising the most in the province were the Peace River and Northwest regions, which experienced a significant 10 per cent increase.
Any property owners concerned about their assessments can appeal the decision up to Jan. 31, when an independent review will be carried out by a property assessment review panel.
For more information and to look at assessments around your Richmond neighbourhood, go to www.bcassessment.ca.
