While most homeowners in Northern B.C. can expect to see their property values increase this year, some in Fort St. John, Taylor, and the Northern Rockies will see a drop of up to 50 per cent.
BC Assessment says northerners can expect their 2017 assessment notices in the mail this week. Homeowners in Fort St. John and Taylor will see decreases of around five per cent, while homeowners in the Northern Rockies can expect a drop in the area of 50 per cent, the agency says.
“The majority of residential home owners within the region can expect a slight increase, compared to last year’s assessment,” Deputy Assessor David Keough said. “Most home owners in the Northern BC region will see changes in the 0 to plus-10 per cent range.”
The property assessments are based on market values of July 1, 2016, and are used to calculate municipal property taxes.
Assessments for the average single-family home in Fort St. John dropped from $404,000 to $387,000 year-over year.
In Taylor, the same assessment dropped from $356,000 to $337,000, and the average home in Fort Nelson plummeted from $265,000 to $179,000.
Meanwhile, homeowners in Hudson’s Hope saw average assessments rise from $198,000 to $199,000 year-over-year.
Total assessments in Northern B.C. increased by more than $1 billion last year from $59.2 billion in 2016 to $60.3 billion for 2017.
Despite the drop in Fort St. John, the city still has top-four highest valued residential properties in 2017, from an acreage at 7516 259 Road with a taxable value of $2.7 million, to an acreage at 11335 86 Street with a taxable value of $1.9 million.
Property owners have until Jan. 31 to file an appeal of their assessment. For more, visit bcassessment.ca or call 1-866-825-8322.