Property values in the Powell River area have dipped slightly or stayed the same, according to BC Assessment.
“Most homes in Powell River and Powell River Regional District will see moderate decreases or little change in value compared to last year’s assessment roll,” said Bill MacGougan, BC Assessment’s Vancouver Island regional assessor.
BC Assessment has sent out more than 11,000 2013 assessment notices to property owners throughout the City of Powell River and rural areas in the regional district. Changes for most properties are in the minus-10-per-cent to plus-five-per-cent range, according to the Crown agency.
Property assessments for a given year reflect market value as of July 1 the previous year. While BC Assessment does not provide averages, it did provide some specific representative examples of properties and how much their values changed this year.
A Powell River single-family dwelling with a 2012 assessed value of $225,200 has a 2013 assessed value of $216,000, a decrease of about four per cent. In 2011, the assessed value was $238,000, an approximately nine per cent decrease over two years.
A strata condominium assessed at $148,900 in 2012 has an assessed value of $136,600, a decrease of eight per cent. In 2011, the condo had an assessed value of $160,900, a decrease of about 15 per cent over two years.
In the rural areas, a single-family dwelling of under two acres with a 2012 assessed value of $204,100 has a 2013 assessed value of $200,800, a decrease of about 1.6 per cent. In 2011, the assessed value was $212,600, a decrease of about 5.5 per cent over two years.
A single-family dwelling over two acres with an assessed value of $339,200 in 2012 dipped to $319,600 in 2013, a decrease of about 5.8 per cent. The assessed value in 2011 was $352,000, a decrease of about 9.2 per cent over two years.
Overall, the city and rural taxable residential assessment roll is about $2.4 billion in 2013. In 2012, the value was about $2.6 billion. A total of almost $25.3 million in new residential value has been added in 2013 due to various changes, including subdivision, rezoning and new construction.
In general, commercial property assessments have changed within the same range as residential properties. The taxable commercial assessment roll for city and rural properties is about $148.5 million in 2013. A total of almost $570,000 in new value has been added due to subdivisions, rezoning and new construction.
Property assessments provide the value on which local governments base their tax bills. Municipalities and regional districts set their tax rates after determining their budget needs. The tax rate is determined by dividing the total amount of money local governments need by the total value of all assessments. The rate is multiplied by a property’s assessment and the resulting figure is the amount of the tax bill.
BC’s government has raised the threshold for the homeowner property grant by $10,000, meaning people with homes valued up to $1.29-million will qualify for the grant. The grant reduces residential property taxes on principal residences by $770. An additional grant of $275 is available for property owners who are age 65 or over, permanently disabled or a veteran of certain wars.
Changes in property assessment are reflective of movement in the local real estate market and can vary greatly from property to property. Assessments are the estimate of a property’s market value as of July 1, 2011 and physical condition as of October 31, 2011.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said MacGougan. “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.”
Review panels are appointed by the ministry of community, sport and cultural development. They meet between February 1 and March 15 to hear formal complaints and are independent of BC Assessment.
The Courtenay assessment office is located at 2488 Idiens Way. During the month of January, office hours are 8:30 am to 5 pm, Monday to Friday. The toll free phone number is 1.866.825.8322. More information is available online.
