Appraisals

The Appraisal Section is an important part of the Realty Services Division in Surrey that is responsible for:

Consultation

The appraisal team liaises with other City Departments, local and regional authorities, consultants and engineers.

In-House Market Value Appraisals

The staff appraisal team prepares the majority of market value appraisals. The appraisals form the basis for Realty Division’s land acquisition and disposition programs. The appraisal process includes (but is not limited to) site inspections, neighbourhood description, market data research and analysis, consultation with planners and other real estate professionals, highest and best use analysis, and the preparation of Inter-Office Memos (the in-house reporting standard).

Private Appraisals

There are occasions when a private appraisal is required:

• When the real estate transaction is greater than $500,000
• When the property owner requests that the appraisal be prepared by an independent appraiser
• When negotiations stall, a private appraisal often helps free the gridlock
• When expropriation action is needed, the Expropriation Act requires that an independent appraisal be made

Appraisal Review

Our appraisal team reviews and critiques appraisals submitted by independent real estate appraisal firms. An in-house appraisal review and approval are prerequisite to negotiations when an independent appraisal is made.

Cash-in-Lieu Appraisals

The Local Government Act permits the City to collect 5% of the market value of undeveloped land upon approval (PLA) of a new subdivision.  The 5% cash is in lieu of the parkland dedication requirement.

Consideration for real estate is based on fair market value. The City's intent in acquiring or disposing of real estate is to be fair and reasonable.