Thursday, January 2, 2020

Kitimat and Terrace lead the way in Northwest on BC Assessment increases

The burst of economic development in the Terrace-Kitimat region has resonated with BC Assessment with the 2020 assessments for both communities showing giant leaps.

The Assessments which are in the mail today for homes across the province show a 41 Percent change for Kitimat and a 20 percent change upwards for the Terrace area, both communities hosting the largest increases of all of Northern BC.

Strata Homes in both communities also saw significant bumps upwards with a 39 percent increase for Kitimat and 38 percent for Terrace.

By comparison, Prince Rupert had a much more modest gain of only 3 percent for the year, while Port Edward has seen a decline of 5 percent in their assessments for 2020.

For mid range homes in Prince Rupert, the increase amounts to about a 30,000 dollar jump from last years values.

Some of the other Northwest communities to record increases were Smithers at 11 percent,  Telkwa at 14 percent and New Hazelton at 6 percent.

How the values change for all can be viewed below:

Prince Rupert
2019 -- $268,000
2020 -- $276,000

Port Edward
2019 -- $197,00
2020 -- $287,000

2019 -- $235,00 
2020 -- $332,00

2019 -- $312,000
2020 -- $373,00

2019 -- $286,000
2020 -- $316,000

2019 -- $258,00
2020 -- $294,00

New Hazelton
2019 -- $110,000
2020 -- $118,000

For those who can't wait for their hard copy to arrive in the mail, the BC Assessment website features instant access to your assessment information simply by typing in your address and city name.

There are other options as well available, such as by roll, plan or PID.

Deputy Assessor Jarret Krantz, outlined the major themes for this years assessment across Northern BC.

"For most of the region's homes, it's a bit of mix of modest increases and decreases compared to last. There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively. 

Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 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 31st, for an independent review by a Property Assessment Review Panel"

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

You can contact BC Assessment toll free at 1-866-825-8322 or online at during the month of January from 8:30 AM to 5 PM Monday through Friday.

Some background on the 2020 Assessments for the Northwest can be viewed here.

More items related to real estate in the Northwest can be explored here.

To return to the most recent blog posting of the day, click here.

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