Home values are up, will property taxes follow?

Home values are up, will property taxes follow?

Over 20% increase in property values for Agassiz Harrison

Increased property values revealed in BC Assessment’s 2018 property assessments have left some locals with questions about how property tax bills will change when they arrive in the spring.

In the District of Kent, residential property values increased by an average of 21.46 per cent, and 22. 14 per cent in Harrison.

That number, along with the municpality’s projected tax revenue, is integral to determing property tax numbers. How a property tax changes each year depends on how the valuation changes compared to the average of the municipality.

Murray Brown’s Agassiz townhouse increased 18 per cent in value, but he thinks that number could be higher in the current market.

“We think the new value is even low, compared to what the market is showing,” he says. “We’re glad to see the increase because it means if we were to sell [and] make a move, we would have more money to go elsewhere with.”

Both the District of Kent and Harrison won’t have budgets out until spring. Public processes determine the numbers for projected tax revenue, the number needed to determine if a home’s property taxes will rise or fall.

Only those with a value increase higher than the average for their munipality will see an increase in their property tax bill, unless municipality’s projected tax revenue increases significantly from last year.

The 2018 property assessments were released this week but reflect the value assessed as of July 1, 2017.

Residents who disagree with their assessment are encouraged to contact BC Assessment and if they remain dissatisfied with the result, they can file an appeal by Jan. 31 for an independent review.

With files from Kelvin Gawley.