For the second straight year, Squamish residential property values remained virtually unchanged in 2013.
While the overall Squamish assessment roll saw a miniscule increase in the 2014 assessments released on Thursday (Jan. 2), three of the four examples provided by B.C. were down slightly as compared to their assessed values released in January 2013.
That was in keeping with the trend in the Vancouver-Sea to Sky region, where most properties saw modest changes of between +5 and -5 per cent.
“For the second time in as many years, most homes in the Vancouver-Sea to Sky region are remaining stable in value compared to last year's assessment roll,” Dharmesh Sisodraker, deputy assessor with B.C. Assessment, said in a statement.
Squamish's overall assessment roll's value increased from $3,854,304,382 in 2013 to $3,854,453,704 in 2014, a hike of just .0039 per cent. However, the total value of subdivisions, rezonings and new construction — “non-market” changes — was $51,159,445, larger than the overall increase. The average home's assessed value fell by 1.27 per cent.
Of the four Squamish sample properties cited by B.C. Assessment, the only property to increase in value was a single-family dwelling in Brackendale, which went from $427,000 to $446,000, a hike of 4.4 per cent. A downtown single-family dwelling in the downtown core went from $359,000 to $345,000 (down 3.9 per cent); a single-family dwelling in Garibaldi Highlands went from $507,000 to $504,000 (down 0.6 per cent); and a three-bedroom townhouse in Garibaldi Estates went from $326,000 to $322,000 (down 1.2 per cent).
Property owners should receive their assessment notices in the mail in the next couple of weeks. The latest assessments represent the value of properties on July 1, 2013, based on recent sales of similar properties nearby. Property owners who feel their assessments don't reflect market value should contact B.C. Assessment. Those who wish to file a Notice of Complaint (Appeal) are required to submit it by Jan. 31.
For information, contact B.C. Assessment at 1-866-valueBC (1-866-825-8322) or visit www.bcassessment.ca