Property assessments out

Average market prices today have nearly recovered to
2008 highs but assessment values are up and down

Property assessments for tax purposes show small declines in Surrey area with bigger drops in White Rock. Surrey had price drops averaging 3.44 per cent while White Rock dropped an average of 5.2 per cent.

Assessment figures are designed to provide a snapshot of market values as of July 1, 2009. They do not reflect changes in the market since then. Unless property owners are among the less than two per cent who choose to appeal through a formal independent review, the current assessment will set their property tax bill for 2010. The change in Surrey and White Rock reflects a declining market value for many of the 143,000 properties assessed in the area. Assessed market prices were down in White Rock over the previous year. An average single-family home in the west end valued at $789,500 – down from $842,100 in 2009. An average home on the south slope valued at $1,041,000 in the 2009 roll is now assessed at $1,004,000; while an average early-`90s two-bedroom strata condominium declined in value by $20,000 to a current assessment of $247,000. In Surrey, market prices were more stable. and while an average single-family home in Fraser Heights, previously valued at $1,001,000, has dropped to $950,000, and an average single-family house in Cloverdale has declined in value $20,000 to a current $557,000. Strata townhouses in north and central Surrey have dropped $10,000-$30,000. Strata condominiums have dropped $7,000-$11,000. Property owners who feel the assessment does not accurately reflect the market value as of July 1 should contact their BC Assessment office as soon as possible. Feb. 1 is the deadline for submitting a notice of complaint calling for an independent review. The Surrey/White Rock Assessment office is at #208-5460 152 St. January office hours are 8:30 a.m. to 5 p.m.