Property owners throughout northern B.C. who have been mailed their 2021 assessment notices most likely saw an increase in value.
"For most of Northern B.C.'s homes, there has been a moderate increase compared to last year's assessments," says Deputy Assessor Jarret Krantz in a news release.
"In some instances, there has been a larger increase in rural areas within the region, particularly with lakefront properties."
As the province's provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
It has mailed out assessment notices reflecting 2021 market values as of July 1, 2020.
The total value of real estate went up four per cent from 2020, with the number of properties assessed remaining at 248,162.
Overall, northern B.C.'s total assessments increased from over $69 billion in 2020 to over $72 billion this year. A total of about $707 million of the region's updated assessments is from new construction, subdivisions and rezoning of properties.
Prince George specifically saw an increase of seven per cent for single-family homes. The typical value of a single-family home in 2020 was $310,000, whereas in 2021 it is now $333,000.
For condos or townhouses, Prince George saw an eight per cent increase where a $172,000 condo in 2020 would now be valued at $186,000 in 2021.
The highest valued residential properties in northern B.C. can be found in Dawson Creek where there’s a rural acreage valued at $4.4M, and in Fort. St. John where a single-family home has been assessed at $2.6M.
In Prince George, the highest valued property is an average at $2.5M.
"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, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says 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 February 1st, 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 provincial government, and typically meet between Feb. 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."
