Langley Real Estate

Langley saw property values rise at a measured pace compared to its neighbours in the western parts of Metro Vancouver.

According to the B.C. Assessment Authority’s website, property values rose by 6.69 per cent in Langley City, and 6.55 per cent in the Township.

That’s far from the peaks reached in Vancouver and its immediate neighbours.

Richmond showed the highest increases, with average values jumping 17.14 per cent.

Residential market values increased 13.03 per cent in West Vancouver, 12.17 per cent in Vancouver, 12.07 per cent in Burnaby, 9.22 per cent in Delta, 9.11 per cent in New Westminster, 8.84 per cent in North Vancouver District, and 7.58 per cent in Surrey.

Langley is more in line with areas such as Abbotsford – which saw a 6.5 per cent increase – and points east. Smaller valley communities like Chilliwack and Agassiz saw much more modest assessment increases than Richmond or West Van.

Many people assume a higher assessment means higher taxes, but that is not necessarily the case. The average assessment rate is taken into account when the Township and City levy property taxes. However, if a home’s rate has risen faster than the average rate, it may mean an extra bite on the tax bill.

Mayor Rick Green pointed out that the Township is composed of at least six distinct communities, and that property values in Willoughby, Fort Langley, Murrayville and Brookswood are unlikely to rise or fall at the same rate.

Green said he’s seen cases where one old home being replaced by a new mansion can drive up assessed values for all its neighbours, and thus taxes.

The property tax debates are about to begin in the Township. The council has suggested an increase of 3.9 per cent for this year. Open houses on the budget will be held at the Township hall on Jan. 17 from 3 to 6:30 p.m., and from 1 to 6 p.m. on Jan. 18.