Assessments are the estimate of a property?s market value as of July 1, 2004. This common valuation date ensures that all properties are assessed fairly and there is an equitable base for property taxation. The real estate market creates property value, which is reported annually by BC Assessment.
?Most homes on this year?s assessment roll are worth more than they were last year and market movement appears strong when compared to previous years,? said Peace River Area Deputy Assessor Anne Clayton_ ?A single family home that was valued at $46,000 in the summer of 2003, valued at $75,000 in the summer of 2004.?
Changes in property assessments are reflective of movement in the local real estate market and can vary greatly from property to property. Overall, the taxable value of Tumbler Ridge?s assessment roll increased from $80,461,600 last year to $112,400,400 this year. This growth reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.
To date the value added by new oil and gas properties in the Peace River area increased approximately $233.8 million from 2004.
?Property owners who feel that their property assessment doesn?t reflect market value as of July 1, 2004 or the information on their notice isn?t correct, should contact the BC Assessment office indicated on their assessment notice by January 31,? said Clayton. ?If property owners are still concerned about their assessment after speaking to an appraiser, they may submit a written request for an independent review by a Property Assessment Review Panel.?
For the fourth year, Assessments by Address is available ?for residential property owners to compare their property values to others in their area. This service is available on our web site at www.bcassessment.bc.ca from January 4 to March 15. Paper copies of Assessments by Address are also available at local area offices and most municipal halls, libraries and government agent?s offices across B.C.