New Westminster Record January 9 2020

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5

OPINION 6

Answers needed on LifeLabs hack CITY 9

Council wants input on budget ENTERTAINMENT 11

Arts Club steals the Anvil stage THURSDAY JANUARY 9, 2020

LOCAL NEWS – LOCAL MATTERS

THINGS TO DO THIS WEEKEND

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NewWestRecord.ca

TEAM EFFORT: (From left) Dion and Alexa Tyler, Jake Gardiner and Danika Tyler lug a Christmas tree to the chipper Saturday at the firefighters fundraiser. Read more on page 17.

PHOTO JENNIFER GAUTHIER

New West homeowners see drop in assessed value Theresa McManus tmcmanus@newwestrecord.ca

Assessments for residential properties in New West are dropping at a similar rate to other Lower Mainland cities, says BC Assessment. Owners of more than a million properties throughout the Lower Mainland are now receiving their 2020 assessment notices, which reflect market value as of July 1, 2019. “It is important to understand

that changes in property assessments do not automatically translate into a corresponding change in property taxes,” BC Assessment deputy assessor Brian Smith said in a press release. “As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.” According to BC Assessment, assessments for residential singledetached homes in Metro Van-

couver saw decreases in value as high as 16% in West Vancouver. Next door in Burnaby, detached houses dropped 10%. BC Assessment said a typical single-family New West residential property was assessed at $1,147,000 in 2019 and $1,054,000 in 2020 – a drop of 8%. In terms of strata properties, BC Assessment reports the typical assessed value was $547,000 in 2019 and $500,000 in 2020,

which is a 9% drop. “This year, they seem to be moving a bit more in sync with each other,” Smith told the Record. “It’s just general market conditions are changing.” Smith said the Lower Mainland residential real estate market continues to see signs of moderation. “Depending on your location and property type, you will experience a different level of change on your 2020 assessment notice,” he said in a press release. “Homes lo-

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cated in Whistler and Pemberton can expect a minimal increase in their assessments, whereas the rest of the region will likely experience a reduced assessment value.” In 2019, a residential property at 1016 Salter St. in Queensborough was assessed at $3,326,000 – the highest assessment in New Westminster. In 2020, that property’s assessment dropped to $1,963,000.

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