Reprinted with the permission of BC Assessment:                                                               

 

 

                                                         

NEWS RELEASE

January 2, 2019

Northern BC 2019 Property Assessments in the Mail

PRINCE GEORGE — In the next few days, owners of more than 247,500 properties throughout Northern BC can expect to receive their 2019 assessment notices, which reflect market value as of July 1, 2018.

"The majority of residential home owners within the region can expect a moderate increase compared to last year's assessment," says Deputy Assessor Jarret Krantz. "There are some exceptions to this such as Kitimat where owner’s will see increases of 20 per cent or greater. Also, the Northern Rockies Regional Municipality where there have been decreases in the range of 20 per cent or more.”

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Northern BC region's estimated range of percentage changes to 2019 assessment values by property type compared to 2018. Please note property assessments may vary by jurisdiction or municipality within the region.

Overall, Northern BC’s total assessments increased from about $61.5 billion in 2018 to $65.7 billion this year. A total of about $913 million 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 summaries below provides estimates of average 2018 versus 2019 assessed values of properties throughout the region. The average is represented by the median, or mid point, value which removes the influence of outliers.

These examples demonstrate market trends for single-family residential properties by geographic area:

These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select Northern BC urban centres:

BC Assessment’s website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019’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 2019 property assessments for anywhere in the province. As a new option, property owners can unlock additional property search features by registering for a free BC Assessment custom account to store/access favourites, create comparisons and use our new interactive map.

“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, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor Jarret Krantz.

“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 independent review by a Property Assessment Review Panel,” adds Krantz.

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.

"It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes," explains Krantz. "How your assessment changes relative to the average change in your community is what may affect your property taxes."

The Northern BC Region Assessment offices are located at:

Prince George Office -                   #200 – 1488 4^th 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:  

Jarret Krantz, Deputy Assessor, BC Assessment

Tel. 1.866.825.8322 Ext. 26278 Email: jarret.krantz@bcassessment.ca

MEDIA BACKGROUNDER                                       

January 2, 2019                                                  

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

 

• Total number of properties on the 2019 Roll is 2,067,479, an approximate 1.07% increase from the most recent 2018 roll.

• Total value of real estate on the 2019 Roll is over $1.99 trillion, an increase of nearly 7.45% from 2018.

• Total amount of 2019 ‘non-market change’, including new construction, rezonings and subdivisions is approximately $31.38 billion.

• In B.C., approximately 88% of all properties are classified with some residential (Class 01) component. This equates to $ 1,525,554,587,865 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, 2018 and physical condition as of October 31, 2018. 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 about $8 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 2019 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.

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