Congratulations, average property owner! If your property was worth $145,000 last year, it is now valued at $151,000, according to stats released by BC Assessment.
It’s part of a general trend upwards in Northern BC, and the second year in a row property assessments were higher here.
“Most northern home owners can generally expect to see a rise of about 5 percent to 20 percent in their assessments when they receive their notices in early January, but with some exceptions depending on the community,” says Northern BC Deputy Assessor Teria Penner.
As always, these values are based on a snapshot, now six months out of date. “I want to emphasize that assessments are based on July 1, 2022,” says Penner. “While the local real estate market has seen some shifts, it is important to compare your assessment with similar properties that sold around July 1.”
Overall, the total assessments in Northern BC increased from about $81.5 billion in 2022 to over $90.6 billion this year, an increase of $9.1 billion. A total of about $1.06 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
The North’s biggest jump in assessed value was Port Clements, which saw the average property value jump from $124,000 to $171,000, an increase of 38 percent.
At the other end of the scale, Pouce Coupe saw property values drop five percent, from $204,000 to $193,000. The unlucky community was the only location in Northern BC to see assessed values drop.
Chetwynd saw assessments go up nine percent, while Dawson Creek—whose assessed values were already about $15,000 higher than Chetwynd’s—saw a seven percent increase.
The priciest properties in the North are in Smithers, where the average property is valued at $498,000.
In the Northeast, that title is held by Fort St. John, where the average property is assessed at $343,000. The least expensive property in the Northeast is in the Northern Rockies Regional Municipality, with an average assessment of $141,000. That’s still better than Granisle in the Northwest, where properties average $81,000.
Of course, while the overall value of most of the houses has gone up five percent, there will be variations from property to property based on improvements done in the last few years or condition of the property when the assessor went by.
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 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.
However, 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.
The Northern BC region encompasses approximately 70 percent of the province: stretching east to the Alberta border, north to the Yukon border, west to Bella Coola including Haida Gwaii and to the south, just north of Clinton.
Trent is the publisher of Tumbler RidgeLines.
