In the next few days, owners of almost 248,000 properties throughout northern B.C. 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 mix of modest increases and decreases compared to last year's assessments," says Deputy Assessor Jarret Krantz, in a news release.
"There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively."
For Prince George, assessments for single-family homes and residential strata units increased by more than five per cent.
The table above indicates the northern B.C. region's estimated range of percentage changes to 2020 assessment values by property type compared to 2019. (via BC Assessment)Overall, northern B.C.'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 B.C. 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 provide estimates of typical 2019 versus 2020 assessed values of properties throughout the region, demonstrating market trends for single-family residential properties by geographic area:
The summaries above provide estimates of typical 2019 versus 2020 assessed values of properties throughout the region for single-family residential. (via BC Assessment)
These examples above demonstrate market trends for strata residential properties by geographic area. (via BC Assessment)BC Assessment's website includes more details about 2020 assessments, property information and trends such as lists of this year'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 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," adds 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."
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between Feb. 1 and Mar. 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."
