BC Assessment News Release | BC Northern Real Estate Board

Reprinted with the permission of BC Assessment:

NEWS RELEASE

January 2, 2020

Northern BC 2020 Property Assessments in the Mail

PRINCE GEORGE — In the next few days, owners of almost 248,000 properties throughout Northern BC can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.

"For most of the region’s homes, it’s a bit of a mix of modest increases and decreases compared to last year's assessments," says Deputy Assessor Jarret Krantz. "There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively.”

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 2020 assessment values by property type compared to 2019. Please note property assessments may vary by jurisdiction or municipality within the region.

Overall, Northern BC’s total assessments increased from over $65.4 billion in 2019 to over $69,4 billion this year. A total of about $1.06 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 summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region. 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 2020 assessments, property information and trends such as lists of 2020’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 2020 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map. New for 2020, the website is fully mobile-friendly.

“Property owners can find a lot of valuable 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, 2019 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 changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Krantz. "As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."

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

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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, 2020

Facts on B.C. Property Assessments and the 2020 Assessment Roll

Total number of properties on the 2020 Roll is 2,091,135, an approximate 1.06% increase from 2019.
Total value of real estate on the 2020 Roll is about $1.94 trillion, a decrease of nearly 2.5% from 2019.
Total amount of ‘non-market change’, including new construction, rezonings and subdivisions is approximately $27.1 billion, a decrease of almost -8.63% from the 2019 revised roll of $29.6 billion.
In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $1,462,895,234,775 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, 2019 and physical condition as of October 31, 2019. 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 $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 2020 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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