Fort St. James properties will see a slight decrease in their assessed value according to BC Assessments 2020 property assessments report.
In the next few days, owners of almost 248,000 properties throughout northern B.C. can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
Across the province, there is a mix of modest increases and decreases compared to last year’s assessments, says Deputy Assessor Jarret Krantz.
“There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively,” he added in a Jan. 2 press release.
Northern B.C.’s assessments overall increased from over $65.4 billion in 2019 to over $69.4 billion this year. The report further states that a total of about $1.06 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
In Vanderhoof, assessed values for single-family residential homes was up from $226,000 to $231,000 between 2018 and 2019, an overall increase of two percent.
Fort St. James on the other hand, saw a one percent decrease, from $160,000 to $158,000. And Fraser Lake saw a five percent decrease from $133,000 to $126,000.
In comparison, Quesnel saw a 13 percent increase, from $188,000 to $212,000, while Williams Lake saw a seven percent increase from $234,000 to $249,000.
In terms of market trends for strata residential properties such as condos, Prince George saw a five percent increase, from $163,000 to $172,000. In comparison, Kitimat saw a 39 percent increase from $136,000 to $190,000 and Terrace saw a 38 percent increase from $120,000 to $165,000.
One of the top valued properties in Northern B.C. this year it within Williams Lake, an acreage worth $2,220,000.
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) between 8:30 a.m. to 5:00 p.m., Monday to Friday or online at bcassessment.ca where they can find a more detailed breakdown of the report.
With files from Patrick Davies, reporter at Williams Lake Tribune.