The average single family home assessment for Queen Charlotte residents rose by 31 per cent compared to last year according to the 2020 assessment notices.
In 2019, the typical assessed value of a Queen Charlotte home was $167,000 which will now rise to $219,000.
Overall, Northern B.C.’s total assessments increased from more than $65.4 billion in 2019 to more than $69.4 billion this year.
A total of about $1.06 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
B.C. Assessment deputy assessor Jarret Krantz said the high increase in Queen Charlotte is based on eleven homes sold in 2018 at higher value than previously assessed.
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Queen Charlotte Mayor Kris Olsen said the change is a double edged sword. With no new industry, but higher residential property values, affordable housing will be more of an issue for residents.
However, the increase is good news for those who have already invested in homes in the village and want to sell.
Port Clements homes increased by six per cent ($69,000 - $73,000) and Masset assessment values increased by four per cent ($98,000 - $102,00).
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“For most of the region’s homes, it’s a bit of a mix of modest increases and decreases compared to last year’s assessments,” Krantz stated.
“There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 per cent and 40 per cent respectively.”
Changes in property assessments do not automatically translate into a corresponding change in property taxes.
“How your assessment changes relative to the average change in your community is what may affect your property taxes,” Krantz explained.
Jenna Cocullo | Journalist
Jenna Cocullo
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