Property Assessments Down a Little in Terrace, and a Lot in Kitimat; Most Other Places See Inceases

Most residential property assessments in northern BC have gone up slightly in the past year -- but there are some notable exceptions.

The BC Assessment authority is sending out the 2018 notices this week, which reflect market value as of July 1st, 2017.

Homes in Kitimat are down by an average of roughly 20 per cent compared with last year.

The average single-family home in Kitimat is currently assessed at $233,000 -- compared with $278,000 a year ago.

Three other northwest communities -- Terrace, Masset and Port Edward -- are recording more modest declines of less than five per cent, while New Hazelton assessments held steady.

All other northwest communities saw assessments rise, led by Granisle, where residential property values have risen by an average of between 30 and 45 per cent.

The assessments are based on the market value as of July 1st of last year -- and do not necessarily mean property taxes will change by the same amount.

=== BC ASSESSMENT NEWS RELEASE ===

 

NORTHERN BC 2018 PROPERTY ASSESSMENT NOTICES IN THE MAIL

 

PRINCE GEORGE — In the next few days, owners of more than 247,000 properties throughout the Northern BC region can expect to receive their 2018 assessment notices which reflect market value as of July 1, 2017.

 

“The majority of residential home owners within the region can expect a slight increase, compared to last year’s assessment,” says Deputy Assessor David Keough. “Most home owners in the Northern BC will see changes in the -10% to +10% range.”

 

Some home owners will see increases or decreases outside of this range:

 

  • ·         Granisle:  +30% to +45%
  • ·         Valemount: +20% to +30%
  • ·         Wells: +15% to +25%
  • ·         Kitmat: -15% to -25%

 

Commercial property owners in the region will see a similar increase in the range of 0 to 10%. Some commercial property owners will see increases or decreases outside of this range:

  • ·         Northern Rockies Regional Municipality in the area of -20%
  • ·         Valemount in the area of +20%
  • ·         Dawson Creek in the area of -10%
  • ·         Pouce Coupe in the area of -10%
  • ·         Taylor in the area of -10%

As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

 

Overall, the Northern BC region’s total assessments increased from $60.3 billion in 2017 to $61.8 billion this year. Approximately $1.5 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.

 

The Northern BC region encompasses approximately 70 per cent of the province stretching east to the Alberta border, north to the Yukon border, west to Bella Coola including Haidi Gwaii and to the south just north of Clinton. 

 

 

 

 

The following summary provides the average 2017 and 2018 assessed values of single family residential homes throughout the region, including the percentage changes. 

 

Average Single-Family Dwelling Assessed Value

 

Communities

2017 Property Assessments

(as of July 1, 2016)

2018 Property Assessments

(as of July 1, 2017)

% Change In Value

 
 

100 Mile House

$215,000

$223,000

+3.4%

 

Burns Lake

$140,000

$148,000

+5.7%

 

Chetwynd

$258,000

$250,000

-2.9%

 

Dawson Creek

$261,000

$268,000

+2.7%

 

Fort St James

$173,000

$178,000

+2.9%

 

Fort St John

$387,000

$369,000

-4.6%

 

Fraser Lake

$125,000

$125,000

+0.2%

 

Granisle

$42,000

$61,000

+44.9%

 

Hazelton

$109,000

$111,000

+2.6%

 

Houston

$160,000

$160,000

+0.2%

 

Hudson's Hope

$199,000

$197,000

-0.9%

 

Kitimat

$278,000

$233,000

-16.2%

 

Mackenzie

$164,000

$164,000

0%

 

Masset

$125,000

$119,000

-4.9%

 

McBride

$141,000

$148,000

+5.2%

 

New Hazelton

$137,000

$137,000

0%

 

Northern Rockies RM

$179,000

$164,000

-8.4%

 

Port Clements

$85,000

$87,000

+2.4%

 

Port Edward

$222,000

$220,000

-0.8%

 

Pouce Coupe

$212,000

$223,000

+5.2%

 

Prince George

$287,000

$302,000

+5.2%

 

Prince Rupert

$260,000

$276,000

+5.9%

 

Queen Charlotte

$176,000

$180,000

+2.4%

 

Quesnel

$195,000

$202,000

+3.8%

 

Smithers

$287,000

$297,000

+3.5%

 

Stewart

$104,000

$113,000

+8.5%

 

Taylor

$336,000

$320,000

-4.9%

 

Telkwa

$227,000

$234,000

+2.7%

 

Terrace

$309,000

$305,000

-1.3%

 

Tumbler Ridge

$146,000

$143,000

-1.9%

 

Valemount

$193,000

$234,000

+21.6%

 

Vanderhoof

$224,000

$223,000

-0.6%

 

Wells

$76,000

$91,000

+20.1%

 

Williams Lake

$236,000

$245,000

+4.0%

 

*2017 – Average Single Family Dwelling Revised Roll *

*2018 – Average Single Family Dwelling Completed Roll *

 

BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.

 

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Keough.

 

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an opportunity to present their information in front of the Property Assessment Review Panel for an independent, third-party review,” adds Keough.

 

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

 

The Northern BC Region Assessment offices are located at:

 

Prince George Office -                   #200 – 1488 4th Ave

                                                            Prince George, BC V2L 4Y2

 

Dawson Creek Office -                  #1 – 11612 8 Street 

Dawson Creek   V1G 4R7

 

Terrace Office -                            #100 – 4545 Lazelle Ave

                                                            Terrace, BC V8G 4E1

 

Williams Lake Office -                #202 – 350 Barnard Street

                                                            Williams Lake, BC V2G 4T9

 

During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca

 

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.

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Media contact:  

David Keough, Deputy Assessor, BC Assessment

Tel. 1.866.825.8322 Ext. 26267 Email: david.keough@bcassessment.ca

Geoff Radtke, Deputy Assessor, BC Assessment

Tel. 1.866.825.8322 Ext. 26271 Email: geoff.radtke@bcassessment.ca

 

                                       MEDIA BACKGROUNDER                                       

                                                                                                                        January 2, 2018                                                   

 

Facts on B.C. Property Assessments and the 2018 Assessment Roll

 

  • Total number of properties on the 2018 Roll is 2,044,482, an approximate 1.17% increase from 2017.

 

  • Total value of real estate on the 2018 Roll is over $1.86 trillion, an increase of nearly 12% from 2017.

 

  • Total amount of ‘non-market change’, including new construction, rezonings and subdivisions is approximately $31.6 billion, an increase of almost 28% from the 2017 Roll of $24.7 billion.

 

  • In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $1,445,509,108,324 of the value on the total provincial roll.

 

  • Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

 

  • Assessments are the estimate of a property’s market value as of July 1, 2017 and physical condition as of October 31, 2017. This common valuation date ensures there is an equitable property assessment base for property taxation.

 

  • Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

 

  • Real estate sales determine a property’s value which is reported annually by BC Assessment.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.

 

  • BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise over $7.5 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.

 

  • BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment”.  For more information on the 2018 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit www.bcassessment.ca and click on the “Property Information & Trends” link.

 

David Keough B.BA RI
Deputy Assessor Northern Region

david.keough@bcassessment.ca