FORT ST. JOHN, BC -- Property assessments are now in the mail for B.C. homeowners, and despite the province’s real estate market slowing down in recent months, homeowners are likely to see values rise.
Assessors say values in Northern B.C. have risen 5% to 20% on average over the previous year. In Fort St. John, single-family homes were assessed at roughly 4% more than last year. In Dawson Creek, values increased by about 7%.
The biggest change in the Peace Region occurred in Taylor, where values increased by 11% on average. Meanwhile, Pouce Coupe is the only place in Northern B.C. where home values dropped, being assessed at 5% less than the previous year.
Overall, Northern B.C.’s total assessments increased by around $9 billion. However, it’s important to note that the assessments are based on the home’s value as of July 1st, 2022. The home valuations being mailed out by BC Assessment this week do not reflect the current market.
“July 1st 2022, that’s our valuation date. That was about six months ago now, which means that we’ve had sufficient time to analyze that data,” says Bryan Murao of BC Assessment.
The home valuations will be part of the formula used to calculate 2023 property taxes. BC Assessment points out if your property value change is lower than the average for your property class, taxes will likely decrease. If it's higher, then taxes will likely decrease.
However, that’s not the only calculation.
"Your property tax is determined by two things," explained Davidoff. "One, how much money does your city government spend? And two, what is your share of total property value in your community? So if everybody in your community sees an assessment that's 10 per cent too high, then it doesn't matter."
Homeowners have until January 31st to appeal their assessments.
With files from CTV's Bhinder Sajan.
