Bella Coola Valley property values decrease slightly for 2013

Bella Coola Valley property values decrease slightly for 2013

More than 2,400 property owners throughout the Bella Coola –West Coast area can expect to receive their 2013 assessment notices in the next few days.

“Most homes in the Bella Coola Valley are decreasing slightly in value compared to last year’s assessment roll,” said Darin Johnson, Deputy Assessor. “Most home owners in the Bella Coola Valley will see modest changes in the -10% to 10% range. Part of this change in value is due to the completion of a residential re-inspection program that took place during 2012.”

Overall, the Bella Coola – West Coast Assessment Roll decreased from $276 million last year to $274 this year. Despite this decrease, a total of $3.2 million was added to the assessment roll which includes subdivisions, rezoning and new construction.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Johnson.

“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 January 31, for an independent review by a Property Assessment Review Panel,” added Johnson.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

Real estate sales determine a property’s value which is reported annually by BC Assessment.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.

BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to www.bcassessment.ca and click on the e-valueBC link.  Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province.

For more information on the 2013 assessment roll and regional and province-wide real estate market trends, please visit www.bcassessment.ca and click on the 2013 assessment roll information link.