Property assessments in the mail

Most property values in the District of 100 Mile have decreased for 2014

If they haven’t already, owners of 1,100 properties throughout the District of 100 Mile House can expect to receive their 2014 assessment notices in the next few days.

“Most homes in 100 Mile House are worth less in value compared to last year’s assessment roll,” deputy assessor Darin Johnson says, adding most homeowners will see modest changes in the zero to minus five per cent range.

Overall, the District’s assessment roll decreased from $291.1 million last year to $283.7 million this year. Almost $2.5 million of this reduction includes subdivisions, rezoning and new construction.

Johnson notes that 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.

If property owners are still concerned about their assessments after speaking to a BC Assessment appraiser, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review by a Property Assessment Review Panel (PARP), he adds.

The PARPs, which are independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and March 15 to hear formal complaints.

The Cariboo assessment office is located at Suite 202-350 Barnard St. in Williams Lake. During January, office hours are 8:30 a.m. to 5 p.m., Monday through Friday.

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “CONNECT” at www.bcassessment.ca.

Visit www.bcassessment.ca for more information about the 2014 Assessment.

FAST bytes

• Assessments are the estimate of a property’s market value as of July 1, 2013 and physical condition as of Oct. 31, 2013. This common valuation date ensures there is an equitable property assessment base for property taxation.

• 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 2014 assessment roll and regional and province-wide real estate market trends, visit www.bcassessment.ca and click on the 2014 assessment roll information link.