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Township of Langley’s million dollar club

B.C. assessments show Township of Langley is home to most valuable pieces of property in the Fraser Valley
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The assessment on a property on 78 Avenue jumped by more than $5 million in the past year.

The Township of Langley is home to the most expensive properties in the Fraser Valley, according to the latest data from BC Assessment.

All but nine of the 100 top valued residential properties in the Fraser Valley are located in the Township. The most expensive property is acreage in the 19600 block of 0 Avenue, assessed at $8.7 million. The third highest-valued is a 10-acre property at 196 St. and 78 Avenue, assessed at $5.699 million and bought for $5.4 million in 2012.

Last year, that same property was assessed at only $643,570.

The reason for the “very significant increase” in value ($5.4 million increase in one year) is because prior to this year, the rural property on the Langley-Surrey border had farm classification. That was removed this year, said BC Assessment assessor Raj Sandhu.

The same farm status removal took place this year for the fourth-highest valued property in the Fraser Valley. A residential property at 6750 232 St. is now valued at $5.3 million, up from last year’s assessment of $838,195. The 156-acre property was sold for $5.5 million in 2013.

As of Jan. 1, there are approximately 2,100 properties in the Township which have farm classification.

To receive farm classification, you must sell or produce a certain threshold of agricultural products.

More than 80 properties, located all over the Township, cracked $2 million assessed value.

Owners of more than 193,000 properties throughout the Fraser Valley can expect to receive their 2015 assessment notices in the next few days. (Fraser Valley is designated as the Langleys, Abbotsford, Mission, Pitt Meadows, Maple Ridge, Chilliwack, Hope, and Harrison Hot Springs.)

In the Township, the “typical” single family home went up in value, from  $530,000 to $558,000 in 2014.

Townhouses in the Township also did well, with the “typical” value increasing from $341,000 in 2013 to $350,000. Apartments and condos didn’t fare as well, with the “typical” one dropping in value by $6,000, from $218,000 to $212,000 this year.

Property values in Langley City also saw a slight increase. The “typical” single-family home assessed at $456,000 in 2013 went up to $482,000. The “typical” townhouse increased from $285,000 to $294,000. But as with the Township, City apartments and condos dipped in value, with the “typical” one going from $198,000 to $188,000 in 2014.

In addition, most owners of commercial and industrial properties in the Fraser Valley will see changes ranging from five to 10 per cent.

People have until Feb. 2 to appeal their property assessment.

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866- 825-8322) or visit www.bcassessment.ca.

View Langley priciest properties in a full screen map



Monique Tamminga

About the Author: Monique Tamminga

Monique brings 20 years of award-winning journalism experience to the role of editor at the Penticton Western News. Of those years, 17 were spent working as a senior reporter and acting editor with the Langley Advance Times.
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