The 2011 assessment roll has been released by B.C. Assessments, and it shows that residential property values in Prince Rupert & Port Edward went up slightly from 2010.
Prince Rupert saw a 2.35 per cent increase in property values from 2010, while Port Edward’s residential property values rose 5.35 per cent. On the business side, Rupert’s value of business properties went up 1.59 per cent, while Port Edward’s dropped 0.38 per cent. One of the biggest changes in the province was seen in Kitimat, where property values dropped over 19 per cent. (See the table below for more assessments.)
These assessments are an estimate of property values as of July 1, 2010. The values for residential properties are calculated by real estate sales; the value of a house depends on the recent sales in the neighbourhood, as well as size, age, quality, condition, view, and, of course, location.
“Most homes in Prince Rupert are worth the same or slightly more on this year’s assessment roll than they were on the 2010 assessment roll,” said Colleen McCombe, Deputy Assessor with B.C. Assessments, in a press release. “Most home owners in both communities will see either no change or modest increases ranging up to 10 per cent.”
Table: Difference in property values in B.C., 2010-2011
|Location||Residential values||Business values|
Source: B.C. Assessment
The property values provided by B.C. Assessment is also the first step in determining the level of municipal taxation. After city council decides how much money will be spent in the budget, administration uses this information to calculate the tax rate for each property. That tax rate depends on the assessed property values.
Overall, the total value of properties in Rupert & Port Edward rose to $1.357 billion in 2011, up from $1.336 billion last year. Dan Rodin, the City’s chief financial officer, said values can go up either through an increase in the value of properties (market change), or an increase in the amount of inventory (non-market change). Inflation, he said, falls in the first category.
Rupertites & Port Edwardians will see how much their properties are worth, and whether their values have gone up or down, once they receive their official B.C. Assessment forms in the mail in the next few days.
~Written by Chris Armstrong