Assessments for single family ‘stick built’ homes in Houston have increased by an average 14 per cent, reports the BC Assessment Authority.
Using sales market data from a snapshot date of July 1, 2022, the value of a Houston single family home was pegged at $257,000, up from $226,000 the year before.
And while the increase is in the double digits, it is less than the 35 per cent jump from the year before.
The assessed value of a manufactured home in Houston for 2023 is $25,600
Houston’s 14 per cent increase matches that of Smithers and ahead of Telkwa’s seven per cent and Burns Lake’s eight per cent.
Granisle’s average assessment went up 11 per cent, from $73,000 to $81,000.
A Smithers single family home is now valued at $498,000 compared to $438,000 previously while a Telkwa home is now valued at $445,000 compared to $416,000 before.
Port Clements on Haida Gwaii had the highest assessment increase in the north at 38 per cent followed by Fraser Lake at 31 per cent.
Local valuations for manufactured homes were not immediately available.
Property owners began receiving their individual assessments last week, information from which local governments will now take and use to set property tax rates for the coming year.
Each year the assessment authority uses July 1 as its snapshot date to determine market value for all properties and Oct. 31 as the date to determine physical condition of a property.
Significant changes in an individual property’s assessed value do not necessarily mean taxes will also increase.
The important factor is where the assessment for an individual property rests within the average change of that property’s class within the local government or taxing authority.
If the new assessment is lower than the average, taxes might decrease. If the assessment is higher, taxes might then increase.
Still, the District of Houston is planning for an overall property tax increase based on their own financial planning and needs.