Monday, January 04, 2010

Property Assessments are on the way for 2009

“Most homes in Prince Rupert and Port Edward are worth less on this year’s assessment roll than they were on the 2009 assessment roll,” -- Bradley Lane, Deputy Assessor for Assessments BC outlining the cumulative accounting for this years BC assessments.

Prince Rupert and Port Edward home owners should see word of a drop in the assessed value of their homes in the coming days, BC Assessments is about to release their assessments for 2010 and according to Bradley Lane of BC Assessments, Prince Rupert and Port Edward residents should be in line for a decrease of between 5 and 10 per cent on their assessments.

About 8,800 home owners will receive their notices over the next few days, outlining the assessed value of their homes as of July 1, 2009.

Overall, the total of Prince Rupert’s and Port Edward’s Assessment Rolls increased from $1.333 billion last year to $1.355 billion this year. The growth of that value is reflected due to the changing market values for many properties, and includes the creation of new subdivisions, some rezoning and new construction in the two communities.

If after we have read over our assessment, and feel that the valuation is out of balance with what we believe the value should be we can appeal the assessment to the Terrace office, seeking out a Notice of Complaint (Appeal)and filing it by February 1st. The Property Assessment Review Panel normally meets between February 2 and March 15 to hear formal complaints.

Full details on the upcoming assessments and the process of appeal were provided in a news release issued today, you can also access more information and details on the assessment process from the BC assessments website.

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