Homeowners in Prince Rupert can expect to see an increase in the value of their homes when they open the annual Notice of Assessment from BC Assessment, while those living in Port Edward can expect to see a slight decline.
The average increase for residential properties in the city rose by 8.89 per cent from 2013 to 2014, meaning the average home with a value of $180,000 last year would be assessed at $196,000 this year. In neighbouring Port Edward the average assessed value fell by 4.55 per cent, meaning a home valued at $132,000 would be valued at $126,000 this year.
With assessments also climbing last year, meaning most are paying more taxes based on the value of their home, anyone who feels the assessment isn't indicative of the true value will have to act quickly to appeal the notice.
"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 a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel," explained north region deputy assessor Christopher Whyte.
While the assessments may mean more money being paid by homeowners, both the City of Prince Rupert and District of Port Edward can expect a jump in income based on a growing tax roll in 2014.
The tax roll in Prince Rupert rose from 10.12 per cent to sit at $1.43 billion compared to $1.3 billion last year. The residential tax roll is is up 8.5 per cent while the commercial tax roll is up 14.84 per cent.
The District of Port Edward saw a 7.7 per cent increase in its tax roll to sit at $76.9 million compared to $71.4 million in 2013. Although the residential tax rolll dropped by 4.16 per cent, the commercial tax roll ballooned 91.3 per cent, almost doubling from $12.4 million last year to $23.7 million for 2014.