Property Assessments Out and Up

Wednesday, January 02, 2008 09:43 AM

More than 29,000 property owners in Prince George can expect to receive their 2008 assessment notice in the coming days and most will see an increase in the assessed value of their property.

"Most homes in Prince George are worth more on this year’s assessment roll than they were on the 2007 assessment roll," said Prince George Deputy Assessor Cal Benson. "Most home owners in Prince George will see significant increases in the 20% to 40% range. Light industrial properties in all areas of the city have increased, on average, in the range of 25% to 35%. Downtown commercial properties have increased, on average, 25% to 30%."

Assessments are the estimate of a property’s market value as of July 1, 2007. This common valuation date ensures that all properties are assessed fairly and there is an equitable base for property taxation.

The real estate market creates 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. Note: Property owners should contact their local government, or taxing authority, for more information about their property taxes.

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.

Overall, Prince George’s assessment roll increased from $5.51 billion last year to $6.98 billion this year. A total of $1.47 billion of this growth reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.

Here are sone of the average changes in assessment by neighbourhood in Prince George:

Average Assessments for Prince George	2007 Assessment Valuation Date July 1, 2006	2008 Assessment Valuation Date July 1, 2007
College Heights Residential	$219,800	$267,300
Hart Highlands/North Nechako Residential	$235,500	$306,300
VLA Subdivision	$84,300	$121,400
Lakewood/Heritage/Foothills Residential	$183,200	$233,900
Strip Commercial	$2,170,000	$2,429,000

Property owners who feel that their property assessment does not reflect market value as of July 1, 2007, or see incorrect information on their notice, should contact the BC Assessment office indicated on their notice as soon as possible in January," said Benson.

Assessments and Sales by Address are available for residential property owners to further assist them in understanding their property's market value and to provide comparable sales information. The service is available on BC Assessment’s website at www.bcassessment.ca . Paper copies of Assessments and Sales by Address are also available at local area offices and most municipal halls, libraries and government agent’s offices across the province.

The Prince George Assessment Office is located at 1777 Third Ave. Suite 200, Prince George. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.

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Posted on Wednesday, January 02, 2008 09:43 AM in News by 250 News

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Comments

Posted by: Bridge on January 2 2008 10:23 AM

Will this be tempting for the moneymen at City Hall. Will they try and stick it to us is the question.

Posted by: travism on January 2 2008 10:41 AM

Of course they will. Then they will get re-elected in November.

Posted by: diplomat on January 2 2008 11:26 AM

Our increase (Hart Highlands) is 42.5% (forty two point five percent) - the cleaner air up here has finally caught someone's attention and apparently has now become part of the annual assessment...

Posted by: dgdiggler on January 2 2008 11:48 AM

Should be coming down again due to forestry woes.

Posted by: Outwest on January 2 2008 2:11 PM

20-40% in a year, this is galloping inflation, can you find buyers next year?

Posted by: owl on January 2 2008 2:38 PM

Ours went up 34% .... too close to the asphalt plants .... :-)

The selling prices of houses at this time, 6 months after the valuation date, is about the same as the assessment at valuation date. The real test of whether real estate is continuing to go up in this community will be in the spring when the buying/selling season starts again.

From the looks of it, it will continue to go up, but I am expecting something in the 10% range unless there is some very bad news announcement, such as the ice oval getting approval for a refrigerated track ... or some very good news announcement such as a Performing Arts Centre getting support from the feds .....

;-)

Posted by: Palopu on January 2 2008 5:59 PM

Owl. If the Provincial Government and the Feds, were stupid enough to funnel $33 Million into an Airport Runway Expansion, I am sure that you can count on them to give you money for both the PAC and the Ice Oval. It seems the criteria is to supply money to small vested interest groups for projects that will be costly to maintain, and supported by very few people.

Heaven forbid that they should spend millions on dredging and fixing the problem of ice jamming at the confluence of the Nechako and Fraser. Far better that you should have a warm place to watch the *Nutcracker** while local residents and commercial business's get flooded.

This town is a prime example of the old adage **Nero fiddled while Rome burned**

Posted by: Runner46 on January 2 2008 8:40 PM

Palopu,

please define a large vested interest group that has a project that will not cost anything to maintain and will be supported by the masses.

Posted by: Eagleone on January 2 2008 11:49 PM

Runner... The bike trails society....

Posted by: Eagleone on January 2 2008 11:55 PM

$100 dollar oil today as well.... 20-30-40% increases in property assessments and its strange that average wages remains stagnent?

I heard on the news today that the average CEO for a publically traded company has already made more money this year in 2008 (two days) then their average employee will make for the entire year. Not long ago it used to take them (CEO's) a month or two, but now its down to a day and a half.

IMO the banksters and their policies (lack of regulations and oversight) are responsible for all of it.

Posted by: owl on January 3 2008 1:54 AM

I think once the verdict is in we will also find that the banksters are responsible for global warming, ice jams, MPB, 9/11, the cost of needle exchanges in Zurich parks, and the reduced money in Salvation Army Kettles this Xmas.

Welders, on the other hand, are responsible for there not being recyclable handkerchiefs for asle anywhere as well as the proliferation of Sushi places in PG.

Posted by: owl on January 3 2008 1:58 AM

The bike trails society?????

We have wider roads with bike lanes for whose benefit? We have paved trails from CH to downtown for whose benefits? We provide land that is not being developed for other purposes for whose benefit?

Nothing you say? ... right!!! .. Tell that to a cost accountant.

;-)

Posted by: Quaddin on January 3 2008 3:21 PM

Your right Owl: (I think once the verdict is in we will also find that the banksters are responsible for global warming, ice jams, MPB, 9/11, the cost of needle exchanges in Zurich parks, and the reduced money in Salvation Army Kettles this Xmas.

Welders, on the other hand, are responsible for there not being recyclable handkerchiefs for asle anywhere as well as the proliferation of Sushi places in PG.)

I have another take on the proliferation of Sushi Places. I rather think it is the twinning of portions of Highway 97 South that has had a dramatic effect on the ability of Tofu munching southern immigrants to access the central and northern interior. Think about it. Now it is much easier to drive here in the Beamer due to the extensive twinning of the highway around areas like Stoner and 100 Mile. Once they get the merging back down into one lane figured out for the balance of the trip they can arrive here and have saved an estimated 3 minutes of the total trip. They don't seem to save any money on fuel because they increase the speed on the two lane portions but they do arrive here a little sooner. More of them have been braveing the trip north in past months with the new 4 lane highway demanding more Sushi Bars. Once they arrive here a lot of them have been seen "Tex Messaging" their friends in the southern portions of the province to inform them of the vast lands to the north. We loose a few now and again due to winter driving conditions as they figure out you can't drive the mini-van at 140 klms and hour on a wind swept,glazed highway but there are more coming to replace them.
Good thing PG is diversifying with the Sushi Bars because the bush is slowing down for a period 'till the US economy picks up.

Posted by: Palopu on January 3 2008 10:16 PM

Runner46. Isnt it obvious. The large vested interest group is Joe Citizen the taxpayer. The guy that along with Industrial, Commercial, taxpayers pick up the bill for every cost in this City.

All Joe gets is a kick in the gonades and yearly increases in his taxes, while the small vested interested groups (who pay the same taxes) working in collusion with their buddies the vote seeking politicians get Class One facilities which are paid for by the majority who never wanted them in the first place.

MultiPlex (CN Centre) built to seat 6000 fans, averages about 2600 per game which includes a large number of empty corporate season ticket holders. Cost per year to the City (Taxpayers) $600,000.00

Sportsplex on the hill. Where are all the people who are going to use this facility? Like the MultiPlex they are conspicuos by their absence. The City and the University and ex Councillor Dezell predicted that it would cost taxpayers $300,000.00 and the University a like sum to operate this facility per year. Based on the number of people who actually use this facility, and keeping in mind that the students fees are covered in their tuition, you can get ready for the Citys costs to double.

Art Center empty most of the time.

Performing Art Centre is being pushed by the same vested interest groups, and you will get the same result. Over built facility, under utilized, and the cost of maintenance, and short falls, picked up by the City.(Joe Taxpayer)

However when Joe Taxpayer says he doesnt want a homeless facility built in his back yard, he is given short shrift, and told to go suck a lemon. Had the small vested interest groups opposed this location it would have never passed.

Posted by: Palopu on January 3 2008 10:38 PM

Runner46.

The project that would be supported by the masses;

Fix the killer highways between Prince George and Smithers, Dawson Creek, and Williams Lake. Project would create jobs for years to come. Provincial Money

Dredge the Nechako and Fraser Rivers and solve the ice jamming problem. Provincial ,Federal, and maybe CN Rail money.

Quit the Urban sprawl that has sub divisions getting further and further away from the City with all the associated costs of roads, snow removal, sewers, water, etc; City Money

Clean up the Downtown area, stop drugging, drinking, urinating, fornicating, fighting, in the alleys and on the streets. Get the police out of their expensive cars and get them doing some realitic policing with a view of zero tolerance. City Money

Stop City hall from participating in stupid cost sharing programs put forward by the (shysters) in Victoria, that give us facilities like a tunnel from the hood,to Carrie Jane Park, or the Kin Connector, or other useless facilities.

Get City Hall out of the real estate business, and at the very least have a arms length arrangement with the gaming houses and Casinos in this town. Why are we getting stuck for $550,000.00 for the new burm behind the Casino???

What happened to the Gravel from the Ice Oval. Are we ever going to get the real story, or are we going to pretend it never happened??

I could go on but you get my drift.

Posted by: owl on January 3 2008 10:51 PM

When two small veted interest groups band together to oppose something, do we have a large vested interest group?

In other words, how many like minded small vested interest groups does it take to make a large vested interest group which will, because of its very size, loose the ability to sway City Hall to its way of thinking?

I just want to make sure I am not part of too many of these like minded small vested interest groups which are interested in improving the City and thus lose the ability to make some changes in the self-destructive thinking of some of our citizens.

Posted by: owl on January 3 2008 11:02 PM

"Fix the killer highways between Prince George and Smithers"

I have driven that highway more frequently in 2007 than in a long time and have been amazed at how good the conditions are.

I suspect the conditions may have more to do with the type of traffic than with the road conditions - tons of truck traffic due to it being a supply line from the MPB invested areas along with a RELATIVELY high volume of daily commuter traffic between Cluculz Lake and PG form those who choose to make that lake the seat of their permanent residence.

I suspect a traffic count might warrant a look at a few more areas to be straightened out or triple or four laned.

However, when I compare that to the stretch of highway which remains as two lane between Kelowna and Penticton, I have to ask myself why is that highway not four laned all the way yet?

Or even the highway from the Long Beach area of the Island to Port Alberni. There is about a 100 km section there that is atrocious for the volume it carries. Makes the highways around here look like superhighways.

Yes, let�s fix them all. I agree.

Posted by: owl on January 3 2008 11:16 PM

"Quit the Urban sprawl that has sub divisions getting further and further away from the City with all the associated costs of roads, snow removal, sewers, water, etc; City Money"

YES!!!!!!!!! The City talks infill and does not understand what infill is .... they talk smart development and don't know what it is .....

---------------------
Clean up the Downtown area

Yes, easier said than done, but more visibility of police on their feet rather than their asses in cars would likely help. Kamloops does it for one City that I know.

--------------------------
Why are we getting stuck for $550,000.00 for the new burm behind the Casino???

I am not too sure I have my facts correct on this, but I believe the berm in question is the one which goes along HWY16 between the HWY and the back yards of the houses which are now exposed to traffic due to the MPB killed trees being removed. The berm between the Casino and housing on the south side of the Casino is a different one, but the work might be combined since the two projects are adjacent to each other. I also understand that Majors is funding all or part of the cost of both, with a payback agreement over time of � the amount.

This is from minutes of a Council meeting of July 9, 2007

Mr. McWalter stated that just before this meeting they got a petition with approximately 35 names on it, petitioning Council to provide sufficient funds to construct a grassed, dirt BERM TOPPED BY A CONCRETE WALL OR FENCE, ALONG THE EAST SIDE OF THE HIGHWAY 16 CORRIDOR ON THE HIGHWAY RIGHT OF WAY FROM THE TREASURE COVE CASINO TO THE FERRY AVENUE INTERSECTION

Posted by: Chester on January 3 2008 11:45 PM

So, your home has increased in value. So, what if you have owned it for 12 years and it has more than doubled in value? Are you somehow twice as rich? Do you have twice as much money? Has your annual income somehow been tied to the increase in value of your home? The answer is no, you are not any richer. Your income has nothing to due with the increase in value of your home. In fact, the cost to insure your home has also increased substantially.

So, as long as your remain in your home, it is actually only worth what you paid for it plus whatever you spend maintaining it or improving it. You are not really any wealthier unless you sell. Chester

Posted by: socredible on January 4 2008 8:33 AM

That's right, Chester. Property tax is the most unfair tax we're called upon to pay. It's based on a monetary fallacy that your 'depreciating' house is somehow 'appreciating' as it gets older!

Posted by: Andyfreeze on January 4 2008 9:46 AM

I agree as well Chester!
It really means very little other than higher taxes to pay!