Northern BC property values see moderate increase
Courtesy BC Assessment
Single-family residential properties rose in average assessed value by one percent ($283,000 to $286,000) from July 1st, 2017 to 2018. As for strata residential properties, things like condos, its value also rose by one percentage point ($274,300 to $279,000). The strata residential values are the highest in northern BC.
“The majority of residential homeowners within the region can expect a moderate increase compared to last year’s assessment,” said Deputy Assessor Jarret Krantz in a statement.
Homeowners across northern BC can expect their 2019 assessment notices from BC Assessment over the next few days. These are an estimate of a property’s market value as of July 1st, 2018, and the physical condition as of October 31st, 2018. A property’s value is determined by real estate sales and is reported annually.
Anyone looking for more information about their assessment can get more details at the BC Assessment website.
“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,” Krantz continued.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complain (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel.”