BC Assessments are out. What does it mean?

“So in Prince George, we saw a typical range of movement of between minus 5 per cent and plus 10 per cent. Of course, depending on the supply and demand, there may be small pockets of markets that are going to be reactive differently outside of that range,” says Penner.

It is also the time of year the City starts looking at its budget, and whether the value of a property went up or down, is tied to property assessments.

“Assessment comes into play as it changes what your part of the pie is for, for the whole city,” says Kris Dalio, Director of Finance. “So if all of the residential properties go up three per cent, on average, and your house goes up three per cent, your house is likely going to be taxed increase that’s approved by Council in January. But if you go up a little bit more than the average, you can expect a tax increase plus, whatever that difference is of what your new share of the pie is.”

So once the overall bill to run the city is determined, it comes down to what classification will bear that burden: residential, business, light industrial, major industrial. And, to add to the mix, it is all up to the elected officials.

“Council will have a tax levy discussion on January 20th and 22nd. Those are the two budget meetings and then in February they’ll meet to discuss those tax rates.”

In the meantime, if you have an issue with your property assessment, there is recourse.

“We have great resources online that can help people navigate those questions. After that, I would encourage them to give us a call if they still feel like they have some questions that are unanswered. And outside of that, if they feel that the property could not have sold for the assessed value on or around that July 1st, 2024 valuation date, we do have an appeal process and the deadline to appeal is January 31st.”

Over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

by Cheryl Jahn

BC Assessments are out. What does it mean?

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