On paper, the net worth of thousands of Tri-City residents has either climbed slightly or dropped a bit thanks to changes in property values calculated by BC Assessment.
Are these changes anything to worry about? Not really.
There appears to be no significant downturn in value, suggesting a housing bubble is not about to be burst, and with tax rates based on total assessments and the burden shared among various classifications (commercial, industrial, residential, etc.), individual homeowners shouldn't have to worry about huge swings in taxes if their holdings are in the average range.
Most property owners can expect to pay 2% to 4% more in city taxes and anyone with property values significantly out of whack is encouraged to contact the BC Assessment authority.
Anyone not considering a housing change this year can pretty much ignore these valuations. As for those considering buying or selling, while prices seem to be holding steady, their decisions, as always, will have to be based on price and affordability - now and in the long run.
Are your concerned about the value of your property, as determined by BC Assessment? Vote in our online poll.
