You were warned but that likely isn’t going to take away the shock as South Delta homeowners are now receiving annual property assessments.
B.C. Assessment this week began mailing out 2017 assessment notices which reflect market value as of July 1, 2016. The assessments are already listed on the e-valueBC section on the bcassessment.ca website.
The assessment authority just a couple of weeks ago warned there would be significant increases in property values in the region including Delta, which is seeing increases in the 30 to 50 per cent range for single-family homes, while strata properties went up in the neighbourhood of 15 to 20 per cent.
B.C. Assessment even went so far as to send courtesy notification letters to property owners whose assessments are increasing significantly more than the typical range of change.
Now that those assessments are rolling in, most South Delta house owners are seeing those hikes in that range.
A few examples include a home on Maple Crescent in Ladner going up from $631,000 in assessed value last year to $865,000 this year. That’s an increase of over $233,000. A house on Duncan Drive, meanwhile, went up $305,000, from $702,000 to $1,007,000. In fact, most houses shot up in the high-200 to the $400,000 level.
Some saw substantial increases, such as a 12th Avenue Tsawwassen house going up in assessed value over $430,000, from $773,700 to a little over $1.2 million.
While assessments are on the rise, house prices in South Delta have been sliding for several months, following an extended period of red hot activity in the Lower Mainland. The foreign buyers' tax was introduced this summer and the corresponding declines have been taking place after July 1, so won't be reflected in these latest assessment notices.
More to come.
