Assessed values skyrocket for Prince George homeowners
Assessed values skyrocket for Prince George homeownersWednesday, 02 January 2008, 10:51 PST
MARK NIELSENCitizen staff
Reflecting the ongoing boom in real estate, the city's homeowners can expect major increases when they receive their notices of assessed value in the coming days, says Cal Benson, B.C. Assessment 's deputy assessor for Prince George.
"Most homes in Prince George are worth more on this year's assessment roll than they were on the 2007 assessment roll," Benson said in a statement issued Wednesday.
"Most homeowners in Prince George will see significant increases in the 20 per cent to 40 per cent range."
Light industrial properties in all areas of the city jumped by 25 to 35 per cent while downtown commercial properties rose 25 to 30 per cent, he added.
Municipalities use assessed values to set their property tax rates for the coming year, but a 30 per cent increase in won't mean a 30 per cent increase in your property tax bill.
Rather, Prince George city council will determine the increase in the tax levy and then set the rate so that the bill for the average single value home will rise by that amount.
Last year, the value of average single family home rose by 24.6 per cent but the property tax bill rose by 7.2 per cent, or $99, to $1,476.
This year, the value of a single-family home rose by an average 28.1 per cent.
For 2008, the city's total assessment roll has jumped by $1.47 billion, or 26.7 per cent, to $6.98 billion an all time high for the city both in terms of increase and overall total, continuing a rise that began in 2002 following a four-year lull.
New construction accounted for $113 million of that increase, with new single family homes making up $87 million of that total.
Notices have been sent to more than 29,000 property owners in Prince George.
Assessments are based on the property's estimated market value as of July 1, 2007. Numbers from the B.C. Northern Real Estate Board indicate the sale price for a single-family home had peaked at about that time at $241,563 and by October it had dropped slightly to $239,392. Year-end numbers were not available on Wednesday.
Appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
Property owners who feel their assessment does not reflect market value as of July 1, or see incorrect information on their notice, should contact the B.C. Assessment office indicated on their notice. Those who are still concerned after speaking to B.C. Assessment may submit a written request by Jan. 31 for an independent review by a property assessment review panel.
The panels, independent of B.C. Assessment, are appointed annually by the Ministry of Small Business and Revenue, and meet between Feb. 1 and March 15 to hear formal complaints.
The Prince George Assessment office is located at 1777 Third Ave., suite 200. During the month of January, office hours are 8:30 a.m. to 5 p.m.
Fact Box
Assessment comparisons for Prince George
Neighbourhood 20062007 $ increase % increase
College Heights $219,800 $267,300 $47,500 21.6 %
Hart Highlands/Nechako Ridge $235,500 $306,300 $70,800 30.1%
Lakewood/Heritage/Foothills $183,200 $233,900 $50,700 27.7%
VLA subdivision $84,300 $121,400 $37,100 44%
Strip commercial $2.17 M $2.43 M $259,000 11.9%
posted by Colin @ 2:14 PM
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