The average property value in Tumbler Ridge has shot up nearly 20 percent for 2024, with the typical assessed value of a house going from $151,000 in 2023 to $180,000 for 2024.
That’s a jump of just over 19 percent, making it one of the biggest jumps this year in Northern BC.
And that’s the average; some people are seeing jumps of up to 60 percent.
BC Assessment has sent out their annual assessments for 2024, as well as crunching the numbers around the province.
Overall, the value of all properties in the province, on average, went up three percent.
But it smaller, more volatile markets, the values were greater.
Indeed, Tumbler Ridge wasn’t even the biggest jump in assessed value. That prize goes to the small town of Granisle, where houses went from $81,000 to $100,000. While the dollar value wasn’t as great ($19,000, vs $29,000), the percentage increase was 24 percent there.
More dramatic was the 22 percent increase for houses on Haida Gwaii. Already valued at $232,000, houses there went up $51,000, to $283,000.
These are of course, averages, based on a variety of inputs, including how much other properties in town sold at over the last year.
This is the third year in a row prices have gone up in town.
Last year, average property values went up four percent.
Tumbler Ridge bucked the trend this year, as the region saw softer real estate markets.
For instance, in Chetwynd, the average property value dropped five percent, from $267,000 to $254,000.
In Dawson Creek, the average house value went down a single percent, from $280,000 to $277,000.
And Fort St. John home values dropped two percent, from $343,000 to $335,000.
Elsewhere in the region, prices were up. Hudson’s Hope home prices were up nine percent, to $204,000 and Pouce Coupe saw an eight percent rise in prices, to $209,000.
“Most North Central home owners can generally expect to see assessment changes in the range of about -10% to +10% when they receive their notices in early January, but with some exceptions depending on the community,” says North Central BC Deputy Assessor Teria Penner. “Compared to previous years, the region’s real estate market has mostly softened and that is reflected with the 2024 property assessments.”
Even with house prices increasing by nearly a fifth, Tumbler Ridge still has some of the most inexpensive houses, by assessed value.
Only Granisle, where the average price of a house is $100,000, Mackenzie, at $174,000 Fort Nelson/Northern Rockies at $146,000, and Stewart, at $179,000 are valued less.
At the other end of the scale, the most expensive houses are in Smithers, where the average house is $490,000.
The assessed value of a home can influence its sale price. It can also affect property taxes, but not as much as you might think.
Taxes are based on the relative assessment value of your property. That means that if the District decided to collect the same tax revenue in 2024, and everyone’s assessed property value went up $100,000 or down $100,000, you would still pay the same amount in District taxes, even though the total value of your property has increased (or decreased), because the assessed value has changed for everybody.
But, if the assessed value of your home has gone up $20,000, while everyone else’s has stayed the same, you would have to pay more, based on a percentage of the property value.
The actual tax rates won’t be set until the District passes its 2023 Tax Rates Bylaw. It has until May 15 to do so. Budget discussions have already started.
For more details or to check out the assessed value, visit www.bcassessment.ca
Trent is the publisher of Tumbler RidgeLines.
