Shocking Property Value Boom in Port Coquitlam: Find Out How Much Yours is Worth!

Homeowners in the Tri-Cities are in for a surprise as the latest property assessment results reveal dramatic shifts in home values for the year ending July 1, 2024. Curious about how much your home is worth? You can now easily check your residential property’s assessed value by entering your address on the BC Assessment website. Letters detailing these assessments will also be sent out this week, providing more personalized insights.

In a broader context, homeowners across the Lower Mainland can expect slight fluctuations in property values ranging from a decrease of 5% to an increase of 5%. However, the standout performer in the Tri-Cities was undoubtedly Port Coquitlam, which experienced the largest increase. Here are the latest valuation changes for single-family homes:

- **Coquitlam:** Rose from $1,722,000 to $1,738,000 (up 1%)

- **Port Coquitlam:** Increased from $1,391,000 to $1,416,000 (up 2%)

- **Port Moody:** Climbed from $1,824,000 to $1,851,000 (up 1%)

- **Anmore:** Welcomed an increase from $2,544,000 to $2,575,000 (up 1%)

- **Belcarra:** Gained from $2,045,000 to $2,074,000 (up 1%)

For multi-family properties such as condos and townhouses, the situation looks equally promising:

- **Coquitlam:** Increased from $720,000 to $727,000 (up 1%)

- **Port Coquitlam:** Rose from $669,000 to $680,000 (up 2%)

- **Port Moody:** Jumped from $826,000 to $841,000 (up 2%)

BC Assessment assessor Bryan Murao advises homeowners who believe their property has been inaccurately valued to contact a BC Assessment appraiser. Unresolved issues can then be appealed by January 31, 2025, allowing for an independent review by a dedicated property assessment review panel, which will hear formal complaints between February 1 and March 15.

It's essential to note that while property assessments can indicate rising home values, this does not always mean property taxes will increase correspondingly. Murao emphasized that the impact on property taxes relies on how an individual home's assessment compares to the average changes within the community.

Looking ahead to 2025, property taxes and utilities in Coquitlam are set to rise by 6.83%, followed by Port Moody's proposed increase of 6.2%. Meanwhile, Port Coquitlam is planning a property tax increase of 4.3%.

If you're curious about which homes are topping the assessment charts in the Tri-Cities for 2025, stay tuned! This ongoing evolution in property values could impact your neighborhood and financial planning in significant ways. Don't miss out on vital updates!