Owners of more than 78,000 properties throughout Prince George and the surrounding communities can expect to receive their 2015 assessment notices in the next few days.
“Most homes in the area are worth more in value compared to last year’s assessment roll,” said Geoff Radtke, deputy assessor with the north region.
While the majority of home owners in the Prince George assessment area will see increases in the zero to 15 per cent range, that won’t be the case for all communities in the area.
Residential property owners in Burns Lake can expect to see a 0.73 per cent decrease in their property value assessments this year from BC Assessment.
The average assessed value for single family residential properties in Burns Lake was $139,000 in the 2014 assessment roll, dropping to $138,000 in the 2015 assessment roll.
When it comes to commercial properties, Burns Lake will see an increase of 6.82 per cent.
Fraser Lake will see a decrease in their residential property value assessments this year of 0.52 per cent, while commercial properties will see an increase of 1.58 per cent.
Granisle will see an increase of 26.49 per cent in their residential property value assessment, and a 4.53 per cent increase for commercial properties.
Fort St. James will see an increase of 5.21 per cent in the value of their residential properties, and an increase of 7.77 per cent for commercial buildings.
Vanderhoof’s residential properties will increase by 2.10 per cent, while commercial properties will see an increase of 10.54 per cent.
Assessments are the estimate of a property’s market value as of July 1, 2014 and physical condition as of October 31, 2014.
When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
“We will look at all the sales throughout the year and what the market is commanding for properties,” said Radtke. “If a market is increasing (if buyers are willing to pay more for a property than they would the year before), then the assessment will increase to reflect that.”
Changes in property assessments can also vary greatly from property to property. Radtke explained that some assessments may not follow what the average assessment for the area is.
“Different factors can affect a property’s value such as new constructions or renovations,” he said.
Smaller markets within communities are also taken into consideration.
“Within specific neighbourhoods or specific property types there might be a difference in market movement,” said Radtke. “So if a particular type of house of commercial building is in higher demand, then the assessment will follow suit.”
Property owners who feel that their property assessment does not reflect market value as of July 1, 2014 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint by Feb. 2, for an independent review by a property assessment review panel,” said Radtke.
Property owners can contact BC Assessment toll-free at 1-866-825-8322.
Homeowners also have a new way to search, check and compare properties online from across the province. BC Assessment has recently launched its newly-enhanced e-valueBC service.
The online tool includes improved navigation, an interactive map and inclusion of property street-front imagery.
“It’s really user friendly now,” said Radtke. “You can go to the website and type the address of any property, and it will give you the information of that house, and it will let you look at information of neighbouring properties and see their assessments, as well as sales that are happening in that area.”
To access the online tool, visit www.bcassessment.ca and click on the e-valueBC link.