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The Surrey Report - January 2019 - Tax Assessments

By now the news of our slowing market is not new news. However, with the New Year comes your 2019 property assessment and this year, most of our clients have seen an increase. Why? Well here is the short version. 
Property assessments are an estimate by the government of your property's value... BUT, what you have to ask yourself is "Value as of when?" The values are estimated as of July 1 of the previous year. This means that your 2018 assessment was based on the value of your home as of July 1, 2017. So, the assessment you have just received in your mailbox this week for 2019, is an estimated value from 6 months ago. If you look at the stats, values have come down since this past spring. However, they were higher July 2018 than they were July 2017 thus the increase in your assessment! 
One trend we have noticed with this most recent round of assessments is that many estimates are more accurate to today's actual market prices than they have been in years.
Benchmark Prices: (Surrey Combined)
? Detached = $1,065,800 ⬇️? Townhomes = $581,700 ⬆️? Condos = $438,500 ⬇️

For the complete stats package, please visit http://www.fvreb.bc.ca/stats/