More than 3,400 property owners on the Charlottes will receive their 2007 assessment notice in the coming days.
Assessments are the estimate of a property's market value as of July 1, 2006. This common date ensures all properties are assessed fairly and there's an equitable base for taxation.
"Most homes on the Queen Charlotte Islands are worth the same or more on this year's assessment roll than they were on the 2006 assessment roll," said Northwest Deputy Assessor Scott
Sitter. "Most home owners in the Village of Queen Charlotte will see modest increases in the 0 to 5-percent range. Port Clements remains essentially unchanged. The greatest market change has been
observed in Masset where most property owners will see increases in the 15 to 25-percent range. Some acreage and waterfront properties through out the islands will see increases up to 50-percent."
Changes in property assessments are reflective of movement in the real estate market and can vary greatly from property to property. When estimating a property's market value, a professional appraiser analyzes current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
Overall, the Village of Queen Charlotte's assessment roll increased from approximately $77.1-million to $78.1-million this year. For Port, the increase over last year was from approximately $20.7-million to $21.5-million. For Masset the increase was approximately from $62.8-million to $71.4-million. This growth reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.
"Property owners who feel that their property assessment does not reflect market value as of July 1, 2006, or see incorrect information on their notice, should contact the BC Assessment office
indicated on their notice as soon as possible in January," said Mr. Sitter.
"If a property owner is still concerned about their assessment after speaking to one of our staff, they may submit a written request by January 31, for an independent review by a Property Assessment Review Panel." The panels, independent of BC Assessment, are appointed annually by
the Ministry of Small Business and Revenue, and meet between February 1 and March 15 to hear formal complaints.
Assessments and Sales by Address are available for residential property owners to further assist them in understanding their property's market value and to provide comparable sales information. This service is available on BC Assessment's web site at www.bcassessment.ca from
January 2 to March 15. Paper copies of Assessments by Address are also available at local area offices and most municipal halls, libraries and government agent's offices across the province.
Sales by Address provides market value sales that occurred six months before and four months following the July 1, 2006 valuation date, between January 1 to October 31, 2006 are included.
The real estate market creates property value, which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for taxation, and after determining their needs this spring, will determine property tax rates based on BC Assessment's data. Property owners should contact their local government or taxing authority for more information about property taxes.