Property values fell in all categories

The total assessed value of all properties in Kitimat crashed by $150 million this year compared to last.

The total assessed value of all properties in Kitimat crashed by $150 million this year compared to last.

The value of all properties went from $926 million in 2010 to $777 million this time around.

And while the major industry number was expected to go down as a result of the Eurocan pulp and paper mill closure, declines were also seen in every other significant classification.

Major industry went from just shy of $202 million to $161.3 million.

The change in light industry was marginal, down $600,000 to $23.6 million.

It was sharper when it came to businesses which saw a $9.3 million drop to $131.5 million.

But the biggest collapse was in residential, down $98.5 million to $435.1 million.

That was a dramatic reversal from the big increases of last year, however that reflects the drag time with the assessment system.

Eurocan announced its decision to close at the end of October 2009.

But the valuation for the 2010 municipal tax year was based on the likely selling price of a property as of July 1, 2009, when no-one knew Eurocan was going down.

Valuations for 2011 reflect post-closure prices.

And BC assessment authority deputy assessor Colleen McCombe says the new, lower residential valuations are borne out by market activity.

“We had enough sales to determine that, yes, values had dropped,” she said.

In establishing the valuation assessors studied all house sales between April and September 2010, she added.

Neighbourhood by neighbourhood Whitesail saw the least decrease – 17 per cent – with a typical home assessed at $216,600 in 2010 dropping to $181,500.

In Kildala the average decrease was 20 per cent with the typical home value going from $104,000 to $83,500 while in Nechako the equivalent figures were 23 per cent, $123,500 and $88,300.

The biggest plunge was in Cablecar – 25 per cent – with the assessed value of a typical home there diving from $242,900 to $178,900.

If you still aren’t happy with your lower valuation, McCombe emphasized you only have to get in touch with the assessment office in Terrace.

“We encourage people to phone us if they feel there is any error on their assessment notice,” she said, adding staff are more than happy to explain how they arrived at an individual’s assessment number.

The number is 1-800-990-1116.

But you will have to do it quickly – the deadline for appealing your assessment is the end of the month.

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