Northwest property assessments have been released
It's that time of year again as property assessments have been released for 2021. Overall, there is a trend toward increased value assessments.
In Northwestern BC, communities with double-digit increases over 2020 for single-family dwellings include Burns Lake, Houston, Port Clements, Smithers and Telkwa.
Strata homes in Terrace were also leading the pack with a 14% increase in the year over year assessment.
Other communities with homes with single-digit increases include Granisle, Hazelton, Masset, New Hazelton, Port Edward, Prince Rupert, Queen Charlotte, Stewart and Terrace, along with strata homes in Smithers.
Surprisingly, some communities saw reduced assessments from 2020, including Kitimat, which saw a 1% reduction in single-family dwellings and a 2% reduction for Strata homes.
Property assessments are used to determine the municipal tax rate. Once the assessment is determined for a property, it is multiplied by a mill rate resulting in your property tax bill for the year.
Although the evaluation provides a basis for a base tax rate, each Municipal council's responsibility is to determine any increases in your 2021 property tax bill.