Farm assessments decline

The assessed value of farm properties in BC fell 2.6% over the past year, according to the BC Assessment Authority’s summary of the province’s tax roll.

BC had a total of 51,000 farm properties worth $1.25 billion on the valuation date of July 1, 2018. Kamloops saw the least decline in values, with the roll down just 0.6% to $105 million worth of farmland.

Fraser Valley properties accounted for the largest portion of the roll, with $347 million worth of properties or 28% of the roll. Properties in the Peace ranked second, accounting for 11% of the roll with a value of $142 million.

The value of the roll declined most in Vancouver, falling 29% to just $147, 264 in the heavily urbanized region. Vancouver Island saw the next greatest drops, led by the Capital Region where the roll fell 5.6% to $20 million.

Richmond-Delta, where residential construction has been blamed for a loss of farmland, saw the assessed value of farm properties decline 4% to $70 million. The residential roll in Richmond-Delta increased 5% to $118 billion.