Maple Ridge Property Assessments On The Rise

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If you live in Pitt Meadows or Maple Ridge and recently received your 2022 property assessment notice. It might look a bit different this year. Over the past year homes in these two cities have increased by about $300,000.

The assessed value of a home is a yearly estimation of your home’s worth, determined by your tax district’s municipal property assessor. Maple Ridge tax officials use this value to calculate the property taxes you pay on your home each year. Maple Ridge city council approved a property tax bill increase of 4.4% for both 2022 and 2023. This assessed value can differ significantly from the market value of your property. Your final property tax amount is calculated by multiplying the Maple Ridge final property tax rate for the year by the BC Assessment value.

Maple Ridge’s typical assessment for single family homes rose 37%, from $814,000 last year to $1.12 million – it was an increase of $304,000 in a single year.

In Pitt Meadows, the assessment rose 34%, from $843,000 to $1.13 million, for a hike of $283,000 for the typical house.

Condos and townhouses also increased by some of the largest amounts in the region, up 23% from $456,000 to $563,000

These statistics compare values on July 1, 2020 to July 1, 2021.

“British Columbia’s real estate market remains resilient and that means most property owners can expect higher assessment values for 2022,” said BC Assessment deputy assessor Bryan Murao. “The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10-30 per cent increases throughout the Lower Mainland. City of Vancouver condos, however, are on the lower end of the changes, generally with single digit increases, whereas homes in the Fraser Valley suburbs are changing higher compared to most of Metro Vancouver.”

The rise in your assessment does not mean your property tax bill will rise proportionately. The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality.

BC Assessment collects, monitors and analyzes property data throughout the year. For the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year. Over $23.7 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.

If you have any questions about your properties value and would like a free market evaluation or you would just like to know more about property tax and property assessments contact me at [email protected] or 604-341-9937