Despite signs of the housing market cooling down, homeowners should expect a higher property assessment value in their annual notice of assessment, said BC Assessment.
The assessment reflects house market values as of July 1, 2022, which were considerably higher than the previous year.
In Maple Ridge, single-family homes should expect an 8 per cent increase in the 2023 assessment notice.
Read: Municipal governments could see restrictions for housing permits
This means a detached house which was valued at $1,118,000 in 2021 was valued at $1,203,000 by July 2022.
In Pitt Meadows, there is a 15 per cent increase in the assessed value of single-family-homes.
A house that was $1,125,000 in 2021 is now likely valued at $1,293,000 in 2022.
| Single Family Home Changes by Community | 2022 Typical Assessed Value as of July 1, 2021 | 2023 Typical Assessed Valueas of July 1, 2022 | % Change |
| City of Maple Ridge | $1,118,000 | $1,203,000 | +8% |
| City of Pitt Meadows | $1,125,000 | $1,293,000 | +15% |
As for townhouses or condos, Maple Ridge residents will see a 15 per cent increase in their property assessment value.
This means that a townhouse that was valued at $563,000 in 2021 is now valued at $649,000.
| Strata Home Changes (Condos/Townhouses)By Community | 2022 Typical Assessed Value as of July 1, 2021 | 2022 Typical Assessed Value as of July 1, 2021 | % Change |
| City of Maple Ridge | $563,000 | $649,000 | +15% |
According to the Pitt Meadows 2023 budget, residents will see a 7.61 per cent combined increase of property tax and utilities.
However, an increase in property value does not necessarily mean an increase in property taxes.
Multiple factors are taken into account when assessing a property including size, neighbourhood, age, and quality among others, according to BC Assessment.
Property values do not affect how much tax revenue the City brings in, they only determine how the tax bill will be divided amongst residents,” said City of Pitt Meadows.
Finalized average values are set to be available by Spring 2023.
