Take a deep breath, New Westminster homeowners, your tax assessment is in the mail and the value your home is taxed at is probably going up.
B.C. Assessment released its 2012 assessment numbers Tuesday showing New Westminster's total assessed value at $13.07 billion, up about 5.8 per cent from $12.352 billion in 2011.
"Most homes in the North Fraser region are worth more in value compared to last year's assessment roll," said deputy assessor Zina Weston in a press release. "Most homeowners will see modest changes in the minus five per cent to plus 15 per cent range."
Strata units are mostly within that same range, though some in the North Fraser region are up by as much as 25 per cent, according to the report.
B.C. Assessment determines valuations for tax purposes on homes by analyzing nearby sales and home characteristics like size, age, quality, condition, view and location, as of July 1 of the previous year.
North Fraser home values went up by an average 9.11 per cent in 2011.
Adam Goss, a New Westminster real estate agent with Park Georgia Realty Ltd., said tax assessments are typically lower than actual market values of homes, but this year's numbers are pretty close to what he's seeing in the market.
"To be honest, I think they're pretty fair in New West," he said.
One broad exception, Goss noted, is Queen's Park, where single-family homes are now considered by B.C. Assessment to be in the $1-million club.
Goss said that seems too high, and the likely cause is the sale of a large lot in the Queen's Park neighbourhood slated for redevelopment.
"That one sale had a large part in that big jump. That would suggest that land in that area is worth $900,000 if it's a same-sized lot," he said.
Goss said that could lead to people appealing their assessments.
"I would suggest people look into that, because if you look at the stats, there were 14 sales in the six months prior to July. - I think two of those were over $1 million. To have your house (assessment) over $1 million when there's only two sales over $1 million, that would seem like a bit of a stretch," he said.
But people looking to buy or sell shouldn't take the current year's tax assessment as an idea of what a home is worth, according to local ReMax agent Todd Conner. Conner said a sixth-month window is far too big to get an accurate idea of what today's buyers are willing to pay. Beyond, that, assessors don't consider renovations done inside homes, which can also skew the supposed value of a home.
Anecdotally, though, Conner agrees with Goss that this year's assessments are mostly accurate.
"Personally, what I see has been accurate. Whether the numbers are going to reflect what's going on in the market out there, they're a year behind," he said.
Residents have until the end of the month to file their appeal with B.C. Assessment.
"Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January," Weston said.
Beyond that there are other options. Homeowners over 55, as well as those with disabilities or children, can apply to defer their tax payment until they sell their home.
Also, the province offers homeowner grants to help ease the hit. New Westminster residents can apply for a grant of up to $570. Those over 65, veterans of some wars and those with disabilities can apply for an additional $275 off their taxes.
Grant and deferral applications are available through the ministry of finance at www.gov.bc.ca/fin.
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