Assessment Notices Sent to Property Owners in Richmond/Delta
02 January 2008Owners of more than 99,000 properties in Richmond and Delta can expect to receive their 2008 assessment notice in the coming days.
Assessments are the estimate of a property’s market value as of July 1, 2007. This common valuation date ensures that all properties are assessed fairly and there is an equitable base for property taxation.
The real estate market creates property value, which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation, and after determining their own budget needs this spring, will determine their property tax rates based on BC Assessment’s data. Note: Property owners should contact their local government, or taxing authority, for more information about their property taxes.
“Most homes in the Richmond/Delta area are worth more on this year’s assessment roll than they were on the 2007 assessment roll, and market movement continued to be strong again this year,” said South Fraser Regional Assessor Mark Katz. The South Fraser Region incorporates both the Richmond/Delta and Surrey/White Rock offices for BC Assessment. Overall, the Assessment Roll for the Richmond/Delta area increased from $59.5 billion last year to $67.7 billion this year.
