Property Values Surge in Port Coquitlam: What Homeowners Need to Know!

Tri-City homeowners can now check their property values online, revealing whether their investments have appreciated or depreciated over the last year. As of July 1, 2024, the latest assessments—which are critical in determining property taxes for 2025—are accessible through the BC Assessment website simply by entering a residential address. Additionally, official mailings notifying homeowners of their property valuations will be dispatched this week.

In the broader context of Lower Mainland property values, homeowners can expect modest fluctuations of between -5% to +5% compared to last year's figures. However, Port Coquitlam stands out, boasting the largest increase in the Tri-Cities region:

Single-Family Home Valuations:

- **Coquitlam:** $1,722,000 to $1,738,000 (up 1%) - **Port Coquitlam:** $1,391,000 to $1,416,000 (up 2%) - **Port Moody:** $1,824,000 to $1,851,000 (up 1%) - **Anmore:** $2,544,000 to $2,575,000 (up 1%) - **Belcarra:** $2,045,000 to $2,074,000 (up 1%)

Condos and Townhouses:

- **Coquitlam:** $720,000 to $727,000 (up 1%) - **Port Coquitlam:** $669,000 to $680,000 (up 2%) - **Port Moody:** $826,000 to $841,000 (up 2%)

BC Assessment assessor Bryan Murao encourages homeowners who may disagree with their valuation to consult with a BC Assessment appraiser. If they’re still unsatisfied, a formal appeal can be submitted by January 31, 2025, for an independent review by a property assessment review panel, which will hear cases between February 1 and March 15.

Importantly, Murao emphasizes that changes in property assessments do not directly result in proportional changes in property taxes. “How your assessment changes relative to the average change in your community is what may affect your property taxes,” he stated.

For 2025, Coquitlam has proposed a 6.83% increase in property tax and utility rates, while Port Moody anticipates a 6.2% hike. In Port Coquitlam, residents can expect a more modest 4.3% increase in property taxes.

As the housing market continues to fluctuate, the Tri-Cities remain an area of interest for homeowners and prospective buyers alike. Stay tuned for more updates as the real estate landscape evolves!

Want to see a detailed list of the top 20 homes in the Tri-Cities with the highest assessments for 2025? Keep reading to uncover which properties are soaring in value!