Former estate of Nickelback frontman is most expensive home in Abbotsford

Chad Kroeger’s old home was sold for $8.25 million in 2017, but assessed at $5.67 million last year

The former home of Nickelback frontman Chad Kroeger is the most valuable residential property in Abbotsford, according to BC Assessment.

The 20,000-square-foot house and 18-acre property – which comes with its own horse barn and indoor hockey rink – was assessed at $5.8 million last year. But it’s actual market value may be considerably higher, with the property changing hands in late 2017 for more than $8 million.

The estate, which Kroeger showed off in a 2005 episode of the MTV show Cribs, is located on North Burgess Avenue, in rural northern Abbotsford near the Fraser River.

Its assessed value increased by 35 per cent, meaning the new owner is likely to see his or her property tax bill – which was $21,626 in 2017 – go up considerably. That increased assessment is partially due to the property’s loss of farm status. But BC Assessment continues to value that home millions of dollars below the sale price of the estate.

According to BC Assessment, the house – which had been on the market for years – changed hands on Dec. 23, 2017 for $8.25 million. That sum is 45 per cent higher than its current assessed value.

Next door to the old Kroeger home, another of the city’s priciest residential properties changed hands last May for $4.2 million. Its assessment, though, came in at $3.1 million, about three-quarters of the sale price. The News also found that of the priciest homes currently up for sale in Abbotsford, most were listed at prices nearly double theiwr assessed values.

If estate homes were consistently undervalued by assessments, that would mean their owners were paying less taxes on each dollar of actual home value than average Abbotsford residents.

But assessment BC deputy assessor Brian Smith said he was confident that the assessments were not consistently undervaluing large estates in Abbotsford and thereby resulting in inadvertent tax breaks for the city’s wealthiest homeowners.

“With any of the high-end homes, you’re probably going to deal with a wider range,” he said. “They are not your standard typical house … but I would feel confident that when the actual property does sell, we will have an assessment that will be, on average, within our acceptable standards.”

An analysis by The News showed that recently sold estate homes were undervalued by Assessment BC – but not dramatically so.

The News looked at the the assessments and sale prices of 14 estate homes that sold last year for more than $1.5 million. The assessment values were – as a whole – 95 per cent the sale value of the properties.

A similar analysis of 19 average Abbotsford homes that sold for around $750,000 found their combined assessments to be 98 per cent of sale value.

The priciest commercial property in Abbotsford was HighStreet, which was valued at $227 million. Sevenoaks Shopping Centre was slightly less and valued at $210 million.

The single most valuable property in the city was Abbotsford Regional Hospital, which was valued at $338 million.

RELATED: Assessment jumps will hit Abbotsford condo and townhouse owners

RELATED: B.C. housing market shows signs of moderation: assessment agency


@ty_olsen
tolsen@abbynews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Avalanche warning issued for Lizard Range, Flathead near Fernie

Warmer weather to increase avalanche risk: Avalanche Canada

Replacement school for Fernie imminent: SD5

School district board chair confident capital funding to follow maintenance project announcement

Teck to address air emission issues at Sparwood mine

Poorly performing dust collection system blamed for exceedances at Elkview Operations

WorkSafeBC close to completing ammonia inspections after Fernie arena tragedy

Statutory agency inspects ammonia-based fish processing facilities, follows up outstanding orders

Another one in the books: Ghostriders conclude season

“I’m really proud of our group’s effort, that’s a good team over there in Kimberley,” said coach Wagner

VIDEO: RCMP ask kids to help name soon-to-be police dogs

13 German shepherd puppies will be born this year

Elkford woman wins national curling award

Terry Vandale hailed as a champion of curling; credited with making the sport more accessible

Nearly 40% of British Columbians not taking their medications correctly: poll

Introduction of legal cannabis could cause more issues for drug interactions

Mining company fined $70,000 after two workers killed in B.C. truck crash

Broda Construction pleaded guilty to failing to provide safe workplace at Cranbrook rock quarry

B.C. argues it cannot stop Trans Mountain, but it can protect environment

Alberta Premier Rachel Notley says only Ottawa has the authority to decide what goes in trans-boundary pipelines

B.C. poverty plan combines existing spending, housing programs

Target is to lift 140,000 people out of poverty from 2016 level

Temperature records dating back to 1947 broken in B.C.

The Squamish airport recorded the hottest temperature in the province (and Canada) on Sunday: 21.3 C

Privy Council clerk Michael Wernick retires in wake of SNC-Lavalin case

Jody Wilson-Raybould accused Wernick of pressuring her to head off criminal charges for the firm

Dutch tram shooting suspect arrested, say police

Police say three people were killed in the shooting Monday and five wounded

Most Read