Assessments for single family ‘stick built’ homes in Houston have risen an average 35 per cent, one of the largest increases in the north, reports the BC Assessment Authority.
Using sales market data from a snapshot date of July 1, 2021, the value of a Houston single family home was pegged at $226,000, up from $167,000 the year before.
At 35 per cent, Houston was tied with Hazelton and New Hazelton but just behind Port Clements on Haida Gwaii, Port Edward just outside of Prince Rupert and Wells which is right beside Barkerville in the Cariboo.
Assessments also rose in Burns Lake with single family homes now valued at $218,000 compared to $179,000 the year before for a jump of 21 per cent.
Smithers assessments also rose by 21 per cent, from $362,000 to $438,000.
Granisle saw an increase of 14 per cent, with values rising to $73,000 from $64,000.
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, both Houston and Burns Lake local governments are planning for an overall property tax increase based on their own financial planning and needs.