Merritt property values stable despite drop in B.C., assessor reports
While property assessments show slight drops in estimated property values for most regions of B.C., assessments remain stable for the second year in a row in Merritt.
“The news in our region seems to be that we’re holding our own, and that the market is stable,” Deputy Assessor Graham Held said.
Most Merritt homeowners can expect changes in the minus five per cent to plus five per cent range on the valuation of their homes, according to a BC Assessment press release from Jan. 2.
The city’s assessment roll increased $15,000 to $898.086 million from last year, with nearly $5.4 million added to the 2013 roll for new subdivisions, new construction and rezoning.
Assessments are considered a snapshot of the property value as of July 1, 2012, which predates some of the recent decline in real estate markets.
In Greater Victoria, most homeowners will see reductions in the range of two to six per cent.
“A significant number of properties in the region are actually decreasing in value,” said Reuben Dankody, assessor for the Capital Region. “Since our valuation date of July 1, 2012, the overall property market shows signs of further decline in sales volume, while prices have generally been stable.”
Property values generally remained stable in the Okanagan, with changes from five per cent up to five per cent down depending on location and type of property.
In the Kootenays, total assessment roll value decreased slightly in Nelson, Salmo and Slocan, while rural property values held steady. Cranbrook also saw a small average decline, with assessed value of a typical single-family home going from $256,000 to $250,000 as of last summer.
In the Northwest, Terrace bucked the trend with a slight average increase in assessed values. In Smithers and surrounding communities, residential values generally held steady while commercial and industrial properties saw decreases between five and 20 per cent.
Despite the decreases, Finance Minister Mike de Jong announced Wednesday that the threshold for the B.C. homeowners’ grant is increasing by $10,000, to $1.295 million.
The grant is set to make 95.5 per cent of homeowners eligible for the full amount, which is $570 in the Capital, Greater Vancouver and Fraser Valley regional districts. The northern and rural benefit adds an extra $200 for homeowners outside those districts, an amount added to compensate rural people for extra costs of the carbon tax on fossil fuels.
An additional grant of $275 is available to homeowners who are aged 65 and up, permanently disabled or qualified war veterans.
Property owners can check their assessments online at bcassessment.ca (click on e-ValueBC) and compare with others in their neighbourhoods to decide if they wish to file an appeal by Jan. 31.
Appeal requests go to independent property assessment review panels that convene in February.
Changes in the property tax payable depends on the actual tax rates to be set by each local municipality, so a home that’s assessed five per cent higher might not pay any more in tax if the average assessment in the city rose 10 per cent and the local council sets its rate to generate a smaller tax revenue increase.
The total assessed value of real estate in B.C. rose 2.3 per cent from a year ago.
Most cities are seeing gains of around 1.5 per cent in their assessment rolls from new construction, expanding their tax base.
COMMENTS
Let's keep comments:
We ask that all participants own their words by logging in with their Facebook account. It's a simple process that will take seconds and helps keep our comments free of trolls, cranks, and “drive-by” commenters.
We reserve the right to remove comments from anyone using screen names, pseudonyms or false identities. Please see our FAQ if you have questions or concerns about using Facebook to comment.