Property assessments fall in areas of B.C.
Published Wednesday, January 2, 2013 12:43PM PST
Last Updated Wednesday, January 2, 2013 9:23PM PST
Most homeowners across B.C. can expect to see their 2013 property assessment remain stable, but some areas are showing a significant decrease in value.
Officials say most homeowners will see a change of less than five per cent compared to last year, but properties in Whistler, Pemberton, the Sunshine Coast, Bowen Island and Vancouver's west side may see big drops.
BC Real Estate chief economist Cameron Muir says the declines should not be a big surprise, but a UBC real estate expert says considering Metro Vancouver's flat housing market over the last year, the skid is unexpected.
People who are unhappy with their property assessment should contact the B.C. Assessment office for their area.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” said assessor Jason Grant in a release.
According to the assessment lists, the most expensive property in the province is 4707 Belmont Avenue in Vancouver’s west side. The mansion was assessed at just over $39 million.
In Pictures: The most expensive homes in B.C.
With files from the Canadian Press