Burnaby homeowners will likely see an increase to their property values when they receive their assessment notices this week.
Homes in the North Fraser area - including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Anmore and Belcarra - can expect increases ranging from five to 15 per cent, according to a press release from B.C. Assessment.
"Areas of Burnaby such as Buckingham Heights and Smith/Garden Village as well as pockets in Coquitlam such as Maillardville and Burquitlam will see increases in the 15-to-25 per cent range," deputy assessor Zina Weston said in the release.
Overall, residential property values in Burnaby increased by 9.68 per cent from last year, going from $57.786 billion in 2011 to $63.382 billion in 2012.
Property values in neighbouring New Westminster increased overall by 5.81 per cent, and in Coquitlam by 6.86 per cent.
Homeowners can check online at www.bcassessment.bc.ca, and click on e-valueBC under Public for the value assessment on their home and neighbouring properties.
B.C. Assessment mailed out assessment notices with more information on Dec. 30, and homeowners should be receiving those this week.
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.
The provincial government is again offering homeowner grants to help residents with property taxes.
The grants offer a maximum reduction of $570 for Burnaby homes, with $275 more available to those 65 or over, those who are permanently disabled and veterans of certain wars, according to a press release from B.C.'s ministry of finance.
The province also has property tax deferral options available for homeowners over 55, those with disabilities, and families with children, the release added. Deferment programs are low-interest loan programs, making it possible for residents to defer taxes until they sell or transfer ownership of their homes, or leave it behind as part of their estate.
Applications are available when property tax notices are sent in the spring.
