Who we are What we do Talk to us Brian Smith Deputy Assessor Fraser Valley Region Select ‘Insert > Header & Footer’ to Adjust– 6pt. 4 May 2018

History of BC Assessment Established in 1974 under the Assessment Authority Act in response to the need for a fair, independent organization that valued all property in the province A provincial Crown corporation, independent of taxing authorities

Our product The Assessment Roll Annual list of property values provides stable, predictable base for real property taxation in B.C. Represents over 1.99 million properties with total value of $1.34 trillion Identifies ownership, value, classification and exemptions for each property Provides stable base for local governments and taxing authorities to raise approximately $7 billion annually in property taxes for schools and important local services The Assessment Roll Gather information, analyze information, determine the assessed values. Assessed values are given to municipalities to put them to assign their tax rate too. Property Classes 1-Residential 2-Utilities 3-Supportive housing 4-Major industry 5-Light industry 6-Business other 7-Managed forest land 8-Recreational/non profit 9-Farm land 4 May 2018

Key Dates December 31 Assessment Rolls and totals produced, notices mailed February 1 Property Assessment Review Panel; request for review deadline February 1 to March 15 Property Assessment Review Panel April 30 Property Assessment Appeal Board July 1 Valuation Date October 31 Physical Condition November 30 Land Titles 4 May 2018

2016 completed assessment roll highlights Provincial Roll 1.06% 11.1% 8.9% increase from 2015 Assessment Roll increase from 2015 increase from 2015 Total properties in BC 1,996,112 Total value of roll $1.34 trillion Total non-market change (new construction) $20.36 billion -87.7% properties have some form of residential value -Top valued residential property is $63.8 million -top value non-residential property is $5.1 Billion 4 May 2018

2016 completed assessment roll highlights City of Pitt Meadows 3.37% 9.4% 17.0% increase from 2015 Assessment Roll increase from 2015 increase from 2015 Total properties in Pitt Meadows 7,238 Total value of roll $3.83 billion Total non-market change (new construction) $92.19 billion -2015 it was just over 7,000 properties, -top valued residential property in Pitt Meadows: $2.7 million – acreage home -top valued non-residential property in Pitt Meadows: $130 Million – Meadowtown Shopping Centre Roll Totals -3.5 billion in 2015 NMC -40 million in Strata properties, 20 million is Single family homes, 12 million in class 6 -78.8 billion in 2015, only 4 million in SFD 4 May 2018

Market Change New valuations reflect the market as of July 1, 2015 All properties types saw a change in the range of +5% to +15% Single Family Homes Residential Strata Commercial Properties Industrial Properties Property counts Single Family Counts – 3,800 Residential Strata – 2,870 Commercial/Industrial – 260 Farms - 455 -average single family home: $580,000 -average town house: $320,000 -average condo: $$245,000 4 May 2018

Additional resources bcassessment.ca Customer Services, including e-valueBC (assessment search tool) B.C. Provincial government Property Assessment Review Panel Property Assessment Appeal Board Home Owner Grant Property Tax Deferral Program