Homeowners in B.C.’s North Coast may be surprised when they get this year’s property assessment, as property values in all communities in the region rose by double digits.
Port Clements topped the list with the most drastic change — 38 per cent increase across the community, BC Assessment stated Jan. 3.
In the 2022 assessment year, the average value of a home for the mid-island Haida Gwaii community was $124,000. This year, for 2023, the average is $171,000.
Prince Rupert properties rose by 14 per cent for an average single-family home value of $389,000 in 2022 to $443,000 in 2023.
Residents in the neighbouring District of Port Edward will see a similar, slightly smaller increase of 11 per cent. In 2022 the typical property assessment for the municipality was $268,000 and it went up to $297,000 in 2023.
Homeowners in Masset will see an increase of 28 per cent, with the average single-family home assessed as $163,000 in 2022 and $209,000 in 2023.
In Daajing Giids, homeowners will see an average increase of 11 per cent from a value of $208,000 in 2022 to $232,000 in 2023.
“I want to emphasize that assessments are based on July 1, 2022,” Teria Penner, Northern B.C. Deputy Assessor said.
“While the local real estate market has seen some shifts, it is important to compare your assessment with similar properties that sold around July 1.”
Across all of northern B.C., assessments increased from $81.5 billion in 2022 to more than $90.6 billion in 2023 and include almost 250,000 properties. This signifies an 11 per cent increase for the region, close to the overall provincial increase of 12 per cent.
The most expensive property assessment for a single-family home in the north was in Prince George, with a value of $3,731,000.
Northern property owners should get their notices in the mail in early January, BC Assessment stated.
Changes in property taxes do not necessarily mean there will be a corresponding change in property taxes, Penner explained.
“As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
If an individual’s property value change is lower than the average change in their community, their taxes will likely decrease. Whereas, if the same individual’s property value change was greater than the average, then taxes will likely increase.
Property taxes are also dependent on how much income a municipality decides they need and this can change from year to year.