According to BC Assessment, changing market values has resulted in the majority of properties in Burns Lake decreasing in value for 2012.
Nearly 850 local property owners received their 2012 assessment notices last week and according to Christopher Whyte, BC Assessment's deputy assessor, most homes in Burns Lake are worth less in value compared to last year’s assessment.
“Most home owners in Burns Lake will see modest changes in the zero percent to minus five per cent range," he said.
Whyte said that Burns Lake’s assessment decreased from $168 million in 2011, to $161 million in 2012.
"This reduction reflects changing market values for many properties, but also includes subdivisions, rezoning and new construction," he said.
In addition, owners of commercial and industrial properties in Burns Lake will see decreases ranging from zero per cent to 20 per cent.
Assessments are the combination of a property’s market value as of July 1, 2011 and estimates of a property's physical condition as of Oct. 31, 2011.
BC Assessment say changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.
"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. Annual real estate sales also determine a property’s value," Whyte said.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office 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 (appeal) by Jan. 31 2012, for an independent review by a property assessment review panel."
According to BC Assessment, over 98.4 per cent of property owners accept their assessment without proceeding to a formal, independent review.
The majority of property owners across the North are also experiencing similar decreases in the value of their homes.
BC Assessment reports that most homes in Fraser Lake are worth less in value compared to last year’s assessment roll, with the majority of home owners seeing minor changes in the zero per cent to one per cent range.
In Granisle, most homes are worth significantly less in value compared to the 2011 assessment roll.
Whyte said, "Most home owners in Granisle will see significant changes in the minus five per cent to minus 15 per cent range.”
Overall, Granisle’s assessment decreased from $23.3 million last year to $21.7 million this year.
"This reduction reflects changing market values for many properties but also includes subdivisions, rezoning and new construction."
Houston property values have also decreased this year.
“Most homes in Houston are worth less or have remained stable in value compared to last year's assessment roll,” said Colleen McCombe, BC Assessment deputy assessor for the Houston area.
“Most home owners in Houston will see changes in the minus 10 per cent to plus five per cent range.”
"Overall, Houston’s assessment decreased from $269 million last year to $267 million this year," she said.
However, properties in Vanderhoof Smithers and Fort St. James have increased in value according to the 2012 BC Assessments.
In Fort St. James, property owners will see significant changes in the plus 15 per cent to 20 per cent range.”
Overall, Fort St. James' assessment increased from $144 million last year to $161 million this year.
In addition, owners of commercial and industrial properties in Fort St. James will see increases in value of up to 20 per cent.
Most home owners in Vanderhoof will see increases in the 5 per cent to 10 per cent range.”
Overall, Vanderhoof’s assessment roll increased from $440 million last year to $482 million this year.
In addition, owners of commercial and industrial properties in Vanderhoof will see changes ranging up to plus 3 per cent.
Most home owners in Smithers, Telkwa and the Hazeltons will see increases in the value of their homes in the five per cent to 15 per cent range.
Overall, Smithers, Telkwa and the Hazeltons assessment increased from $871 million last year to $905 million this year.
For more information on the 2012 BC Assessment contact the North region assessment office at 1-800-757-9766.