Assessments Being Prepared
By 250 News
Thursday, December 11, 2008 04:00 AM
Prince George, B.C.- When the B.C. Assessment is mailed out in early January, the amount may be a reflection of the market in 2007, not 2008.
For owners of Class 1, Residential; Class 5, Light Industry; Class 6, Business and Other; and Class 8, Recreational Property/ Non-profit Organization – assessments for these properties will reflect market value at either July 1, 2007 or July 1, 2008, whichever is lower.
The idea is that in most communities the real estate markets peaked in May, June and July of this year. According to the Province, the median price increase for single residential housing was about 9.5 %. However, since the events of the global economic meltdown, the median sale price fell about 15%.
So, the assessment of your property (if it fits into the categories listed) will be the lower of the two years. That is of course if there has been no change in the property in the form of new construction or development, or in its classification or if there has been heavy damage (fire) to the property.
There won’t be any change to your right to appeal the assessment.
The B.C. Assessment is one of the tools used by municipal governments to set their tax rates.
The changes to the Assessment rates this year are a result of the Provincial Government's economic stability plan.
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Over the past 10+ years, my property taxes have been fairly static (increasing slightly) although the assessed value of my house has gone up and down quite a bit.