Lower Mainland homeowners may see only a slight shift in their property values when they receive their assessment notices this week, but Burnaby single-family homeowners will likely see an increase.
Homeowners in the North Fraser area - including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Anmore and Belcarra - can expect "modest changes," according to a press release from B.C. Assessment.
"Most homes in the North Fraser region are relatively similar in value compared to last year's assessment roll," deputy assessor Zina Weston said in the press release. "Most single-family homeowners will see modest changes in the minus five per cent to plus ten per cent range."
The assessment office saw an increase in property values in the Capitol Hill neighbourhood, from $933,0000 for a single-family home last year to $977,000 this year, according to the release.
Other areas of the city also saw increases for single-family homes, particularly in North Burnaby.
Overall, residential property values in Burnaby increased by 4.95 per cent from last year, going from $63.382 billion in 2012 to $66.682 billion in 2013.
Owners of commercial or industrial businesses in the city are more likely to see a larger increase in their property values, according to B.C. Assessment, particularly for commercial businesses along the Kingsway corridor, with increases ranging from 20 to 30 per cent.
Property owners can check online at www. bcassessment.bc.ca, and click on e-valueBC for the value assessment on their home and neighbouring properties.
B.C. Assessment shows the assessed value of most of B.C.'s 1.9 million residential properties as of July 1 of the past year, but the actual value of the home depends on the current market.
Assessment appraisers consider size, age, quality, condition and location of individual properties when assessing the value.
For those wishing to appeal their assessment, the deadline is Jan. 31.
B.C. Assessment suggests homeowners call or visit the office to resolve any issues with assessments.
There is also an online customer service survey at the B.C. Assessment website, www.bcassessment.ca, until Jan. 31.