The owner of an 11,300 square foot south Langley home won’t have his property assessment reduced, after a panel found the property was actually worth even more than BC Assessment had estimated.
The owner of the property, in the 1500 block of 212 Street, had appealed the $5,096,000 assessment of the property in 2025.
Because assessments in part determine property taxes, a lower assessment can mean a significantly lower tax bill.
The owner asked the Property Assessment Appeal Board to find that BC Assessment had made a mistake, and to reduce the property’s value to between $4 million and $4.1 million.
But panel chair Philip Yang found that, in the panel’s judgment, it was BC Assessment that had lowballed the value. The property was actually worth about $5.4 million, Yang wrote in his Jan. 23 decision.
The property is a half-acre lot, with a two-storey home built in 2022, with a total square footage of 11,335. There is also an attached three-car garage and a detached three-car garage.
The owner told the appeal board that the home also contains two fully self-contained suites, and an elevator, which BC Assessment had not been aware of when they made their judgment.
The Appeal Board made its decision based on a number of comparable homes that have been sold in recent years. Both the homeowner and BC Assessment submitted examples of similar properties to convince the board of their position.
After comparing all the homes, Yang wrote that the most similar homes were in the range of $5.2 to $5.5 million.
“Based on the evidence before me, I find the subject’s actual value that the valuation date to be $5.4 million,” Yang wrote.
However, because BC Assessment was not seeking an increase in the assessed value, the Appeal Board left the value at its original point, at $5,096,000 for 2025.
This year’s assessment of the property was $5,099,000.