“Most homes in Prince George are worth marginally less on this year’s assessment roll than they were on the 2009 assessment roll,” said Christopher Whyte, Deputy Assessor. “Most home owners in Prince George will see modest decreases in the 0% to 5% range. The greatest market change has been observed in the Downtown Residential core where most property owners will see increases in the 0% to 5% range. Commercial properties in the City of Prince George have shown a modest increase in the range of 4.5% while Light Industrial properties in the City have shown a decline of 6.5%.

Overall, the Prince George Assessment Roll decreased from $8.28 billion last year to $8.25 billion this year. This shift reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.

Assessments are the estimate of a property’s market value as of July 1, 2009. This common valuation date ensures that all properties are assessed fairly and there is an equitable base for property taxation.

The real estate market determines property value, which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation, and after determining their own budget needs this spring, will determine their property tax rates based on BC Assessment’s data.

Changes in property assessments are reflective of movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, a professional appraiser analyzes current sales in the area, as well as considering other characteristics such as size,age, quality, condition, view and location.

The examples below demonstrate local market trends for properties by a geographic area; trends are affected by many variables.