Northern BC property assessments have been mailed out to residents as of last week, with Kitimat seeing a decrease in value for both residential and commercial properties.
As of July 1, 2016, homes in Kitimat saw a -5 per cent drop in value over the same time frame in 2015, with values continuing to decline after that date. Commercial properties saw a decrease of -10 per cent.
According to BC Assessment, the average 2016 assessed value of single family residential homes was $290,000. The average 2017 assessed value of a single family residential home is $277,000, a -4.69 per cent change in value.
Taylor and Fort St John had similar drops in value, with assessment value changes coming in at -5.64 per cent and -4.39 per cent respectively.
Other municipalities in the North Coast region saw an increase in assessed value, with Prince Rupert seeing a value increase of 6.15 per cent between 2016 and 2017, and Port Edwards received a 14.86 per cent increase. Terrace had no change in assessed value between 2016 and 2017.
Northern Rockies Regional Municipality, which includes Fort Nelson, saw the largest drop in assessed value, plummeting -48.04 per cent between 2016 and 2017.
All provincial assessments are available at bcassessment.ca, and property owners have until January 31 to submit a Notice of Complaint, or appeal, in order to have an independent review by a Property Assessment Review Panel.
“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, 2016 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 David Keough.