Monday, January 5, 2015

BC Assessments released for 2015

A casual glance at the real estate listings of late would confirm the obvious, the price of real estate whether residential, commercial or industrial has begun to climb on the North Coast and last week BC Assessment confirmed the jump over the last twelve months.

Friday afternoon, BC Assessments released its yearly report on the assessed value of property across the province and the Northwest provides some of the most interesting of shifts to be found, with increases for most communities across the region.

For Prince Rupert, the average assessed value of property has increased by 33,000 dollars. Shifting from $!96,000 on the valuation date of July 1 of 2013, compared to $229,000 as of July 1, 2014.

Port Edward also saw a significant increase of 26,000 dollars. With the July 1st 2013 Assessment of 126,000 dollars increasing to $152,000 as of July 1 2014.

Total Assessments for both communities also featured changes to both Residential and Commercial Assessment.

Prince Rupert saw an 11.31 per cent increase in All Classifications,  with residential leading the way with an 18.13 per cent increase, while Commercial Property assessments increased by 10.39 percent.

The total amounts in Prince Rupert for the Completed Assessment roll for 2015 is over 1.5 billion dollars

Port Edward saw increased numbers as well with a 36.61 per cent increase in all Classifications, highlighted by surging numbers for Commercial property which increased by 73.26 percent, while Residential also climbed by 27.63  percent.

Port Edward's Completed Assessment roll for 2015 is slightly more than 106 million dollars

To the east, increases in assessments were even larger in both Terrace and Kitimat.

With the Average assessment for Terrace now listed at 317,000 dollars compared to last years number of 244,000 dollars.

While Kitimat also had a significant increase from 227,000 dollars from 2013 to 316,000 dollars as of July 1 2014.

You can review all of the assessment numbers for the Northwest, including the breakdown by classifications from this media release, from it residents can also find other information about the BC Assessment process and what steps are required should you have concerns about your assessment.

Residents can access their date through E-ValueBC comparisons search engine, which offers up the opportunity to see what other properties in your area have been assessed at. The best method of accessing that information is by way of the Advanced Search option.

As part of their ongoing engagement towards more accountability and more transparency regarding their assessment process, BC Assessment introduced their findings this year through a video presentation on their YouTube page, which highlighted some of the changes to the assessments of the Northwest.

Assessment notices will be arriving in the mail over the course of the next week or so, Property owners who feel that their property assessment does not reflect market value as of July 1, 2014 or see incorrect information on their notice should contact BC assessment as indicated on their notice as soon as possible in January.

You can access more options for Review and Complaints here.

You can compare this years assessment results from our items of past assessment notices below:


For more items featuring Real Estate and Housing see our archive page here.

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