Delta homeowners over the coming days will be receiving their 2024 property assessment notices.
The notices reflect market value as of July 1, 2023.
According to BC Assessment, a typical single-family detached property in Delta, as of July 1, 2023, was $1,406,000, down two per cent from July 1, 2022.
For Delta strata residential properties, including condos and townhouses, the typical assessed value, as of July 1, 2023, was $747,000, up two per cent from the previous year.
“Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value,” said BC Assessment Assessor Bryan Murao in a news release. “Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years.
“Commercial and industrial properties are generally increasing in value at a higher rate than residential, especially in areas such as the Fraser Valley where properties are up in value as a result of limited industrial land,” added Murao.
Breaking the numbers down further, the assessed value for a typical single-detached property in Ladner was up just under one per cent from the previous year. It was down 5.8 per cent in Tsawwassen, but the Boundary Bay neighbourhood was up one per cent.
Also, according to BC Assessment, a typical single-detached property in Sunshine Hills-Scottsdale was down just under one per cent and North Delta Centre was down 1.2 per cent. Burnsview-Sunbury was up just under one per cent and Kennedy-Annieville was down almost three per cent.
Meanwhile, the light industry category in Delta was up 18 per cent, while the business/other category was up 11.2 per cent.
Murao noted that if a property owner is still concerned about their assessment after speaking to one of BC Assessment’s appraisers, they can submit a Notice of Complaint (Appeal) by Jan. 31 for an independent review by a Property Assessment Review Panel.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” added Murao. “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.”
Delta council recently approved a 7.75 per cent property tax increase for 2024.
The increase works out to 5.75 per cent for city operational services and a two per cent recreation capital investment levy.
According to the city’s finance department, for a typical Delta home assessed at $1.34 million in 2023, the average increase would be $208, from $2,687 last year to $2,895 in 2024.
That amount doesn’t include what other taxing authorities, including TransLink, will charge homeowners on their property tax bill.
Council also approved a $95 increase to the 2024 flat rate utility bill, or 7.5 per cent, from $1,262 for a single-family home in 2023 to $1,357 this year.
Meanwhile, the provincial government this week said the homeowner grant will continue to cover 92 per cent of homes with the threshold set at $2.15 million for 2024.
The grant amounts remain the same as last year, providing as much as $570 relief on property tax bills for owners in the Capital Regional District, Fraser Valley Regional District and Metro Vancouver, and $770 outside of those areas.
Seniors, veterans or people with a disability can qualify for an additional grant.
To be eligible, homeowners need to use the property as a principal residence.
