PRINCE GEORGE – As expected, assessments of residential and multi-family properties in northern BC have skyrocketed.
BC Assessment has begun distributing 2022 Property Assessments through the mail, which are reflective of the results revealed by hot real estate markets across the Island. The assessments are based on market value as of July 1, 2021.
Residential assessments for single family homes in larger communities rose from 33 percent in 100 Mile House to 31 percent in Prince Rupert and 20 percent in Prince George, while condominium and townhouse assessments rose at a rate of just about half those of residential increases, from 19 percent in Terrace and Williams Lake to 5 percent in Kitimat, while reducing to 9 percent in Fort St. John.
“All during the pandemic, the real estate market has remained robust across the province including higher demand throughout Northern BC, which has resulted in higher 2022 assessment values for most homeowners in the region,” says Northern BC Deputy Assessor Beau Rossel. “Northern BC property values for most communities are generally up five to 35 percent with only a couple of exceptions.”
Overall, Northern BC’s total assessments increased from over $72 billion in 2021 to over $81.7 billion this year. A total of about $1.24 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
The Northern BC region encompasses approximately 70 per cent 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.
Assessments can be appealed, with the process explained at www.bcassessment.ca.
“Those who feel that their property assessment does not reflect market value as of July 1, 2021 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Jodie MacLennan of BC Assessment. “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 January 31, for an independent review by a Property Assessment Review Panel.”
VIEW 100 TOP VALUED NORTHERN BC RESIDENTIAL PROPERTIES 2022
