More than 12,000 property owners throughout Powell River Regional District have started receiving their 2012 assessment notices. Overall, residential property values have decreased for 2012, according to BC Assessment.
Bill MacGougan, Vancouver Island regional assessor, said most homes in the City of Powell River and the rural areas in the regional district will see moderate decreases or little change in value compared to last year’s assessment roll. Changes for most properties are in the minus-15-per-cent to plus-five-per-cent range.
BC Assessment provided examples to demonstrate local market trends for residential properties.
A Powell River single-family dwelling with a 2011 assessed value of $238,000 has a 2012 assessed value of $225,200. A condominium assessed at $160,900 in 2011 has a 2012 assessed value of $148,900.
In the rural areas, a single-family dwelling of under two acres with a 2011 assessed value of $212,600 has a 2012 assessed valued of $204,100. A single-family dwelling of over two acres assessed at $352,000 in 2011 has a 2012 assessed value of $339,200.
Overall, the city’s and regional district’s taxable residential assessment roll is about $2.6 billion. A total of almost $23 million in new residential value has been added due to various changes, including subdivision, rezoning and new construction. MacGougan pointed out that was less than one per cent roll growth.
In the city, the residential assessment roll decreased by 4.4 per cent, dipping from $1,329,108,000 last year to $1,302,942,000 this year. The business/other sector increased 4.71 per cent.
In general, commercial property assessments have changed within the minus-five to plus-five-per-cent range in the city and the rural areas, with a taxable commercial assessment roll of about $155 million this year. A total of almost $3.4 million in new value has been added due to various changes, including subdivision, 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 raised the threshold for the homeowner property grant to $1.285 million in 2012, from $1.15 million in 2011. 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, 2011, 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 Central Vancouver Island assessment office is located at 300-125 Wallace Street in Nanaimo. During the month of January, office hours are 8:30 am to 5 pm, Monday to Friday. The toll-free phone number is 1.800.977.2775. More information is available
online .
