Most homes in Langley saw their property assessments rise in 2020, with single-family homes seeing a greater average increase than condos and townhouses.
BC Assessment takes a “snapshot” of property values every year, in July. Numbers are released at the start of the new year and provide a basis for property tax valuations by cities and towns across B.C.
In Langley City, the average assessed value of a single family home rose from $809,000 to $838,000 in 2020, a four per cent increase.
In the Township, the average assessed value rose from $922,000 to $986,000, a seven per cent jump.
The average assessed values of strata homes – both condos and townhouses – rose in Langley City from $369,000 to $381,000, a three per cent increase.
In the Township, the same types of properties rose from $369,000 to $381,000 in assessed value, a two per cent increase.
The increases in Langley were pretty much in line with the “moderate increases” BC Assessment saw across the province, where assessed home values rose an average of 4.2 per cent.
While assessments impact how property taxes are calculated, a rising or falling assessment does not automatically mean rising or falling property taxes.
Municipalities adjust property taxes based on the average rise or fall in assessments for various property classes, including single family homes, condos, industrial properties, and commercial land.
Property taxes can go up more than expected if one property’s assessment goes up more than the local average. But if a property sees a less than average increase, or drops in assessed value while similar properties are rising in value, property taxes might go down.
Property owners can file an appeal of their assessment if they feel it is wrong during January. The deadline this year is February 1. Appeals can be filed online at bcassessment.ca or by phoning 1-866-825-8322.