Property assessment notices are in the mail, but they don’t carry any surprises.
The 780,000 notices being issued in the North Okanagan, Shuswap and Revelstoke areas reflect a decision by the provincial government to lock in assessments for one year to create certainty during the economic downturn.
“Notices will show the market value of their property as of both July 1, 2007 and July 1, 2008,” said Connie Fair, B.C. Assessment president.
“The lower of these two values is the official 2009 property assessment. For most properties, this means there will be no change between the 2008 and 2009 assessment. The lower value is the basis upon which 2009 property taxes will be calculated.”
According to B.C. Assessment, the median sale price for a single-family residential property in the North Okanagan was $285,000 in the first quarter in 2007, $382,000 in the second quarter of 2008 and $365,000 in the last quarter of 2008.
For the 2009 assessment roll, B.C. Assessment will continue to reflect physical and legal changes which occurred in 2008, including new construction and development, a change in property classification or use, tax exemption status, and additions or demolitions.
Assessments for properties with regulated values (such as railways, telephone lines, utilities and farm land) will continue to be based on regulated rates set for the 2008 assessment roll.
“Property owners who feel that their assessment does not reflect the lower market value as of July 1, 2007 or July 1, 2008, or see incorrect information on their notice, should contact the B.C. Assessment office indicated on their notice as soon as possible,” said Mark Wooldridge, assessor for the Okanagan region.
“If a property owner is still concerned about their assessment after speaking to one of our appraisal staff, they may submit a written request by Feb. 2 for an independent review by a property assessment review panel.”
Property owners can also compare their assessed value to similar properties in their neighbourhood with the convenient and easy to use online e-valueBC service at www.bcassessment.ca. Paper copies of e-valueBC are available at B.C. Assessment offices and most municipal halls, libraries and government agent’s offices.
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