The assessed value of properties here in Tumbler Ridge for 2014 has increased, though not substantially. Late last week, BC Assessment released the 2014 BC Assessment Roll, indicating Tumbler Ridge will see a 3.4 percent increase in the average assessed value for a single-family residential property. For the town, this means for example, an average residential property assessed value has increased from $238,000 to $246,000.
This change is the third smallest in the region behind Chetwynd ($228,000 to $234,000) at a 2.6 percent increase; Taylor ($280,000 to $287,000) at a 2.5 percent increase; and the Northern Rockies Regional Municipality ($281,000 to $282,000), which has seen only a 0.4 percent increase. The highest increases are in Hudson’s Hope ($173,000 to $189,000) and Pouce Coupe ($195,000 to $213,000), both at 9.2 percent; followed by Fort St. John ($320,000 to $348,000) at 8.8 percent and Dawson Creek ($243,000 to $259,000) at 6.6 percent. Overall the Peace River assessment area has an increased average assessment of 6.8 percent from $278,000 to $297,000 for a single-family dwelling.
The Peace River Area’s Assessment Roll increased about $1.21 billion from $17.48 billion last year to $18.69 billion this year. A total of almost $575 million of this growth includes subdivisions, rezoning and new construction.
For Tumbler Ridge, the assessment roll for all classifications is $621,479,000 for the revised 2013 roll, and $652,965,000 for the 2014 roll, a 5.1 percent increase. This breaks down to residential $310,112,000 for 2013 and $326,742,000 for 2014, a 5.4 percent increase, and the commercial assessment roll has increased from $108,143,000 in 2013 to $116,683,000 in 2014, a 7.9 percent increase.
There are some numbers that stand out in the assessment roll, such as the 28.9 percent increase to the commercial roll in Pouce Coupe (from $16,773,000 to $21,627,000 in 2014).
Community homeowners will be finding their assessment letter in their mail box any day, if it hasn’t yet arrived. “Property owners who feel that their property assessment does not reflect market value as of July 1, 2013, or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” says Michael Spatharakis from BC Assessment, adding, “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 Jan. 31, for an independent review by a Property Assessment Review Panel.”
Historically, over 98 percent of property owners accept their property assessment without proceeding to a formal, independent review of their assessment.
The release from BC Assessment states, “BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province, including the public school system.”
Total value of real estate on the 2014 roll is $1,141,848,449,910, a 1.35 percent increase from 2013.