Most Squamish homeowners will see a slight decline in the assessed values of their homes when the 2012 notices from B.C. Assessment arrive in the mail in the next few days.
While some values increased slightly, the overall trend from July 1, 2010, to June 30, 2011 was modestly downward, according to figures released by B.C. Assessment on Tuesday (Jan. 3).
"Many of the homes in the District [of Squamish] have declined in value compared to last year's assessment roll," Jason Grant, area assessor with B.C. Assessment, said in a statement. "Most homeowners in Squamish will see changes in the -10 per cent to +5 per cent range."
The assessed value of a home is one factor that affects homeowners' property taxes. The assessed value is an estimate based on the value of recent home sales in a given area in the time leading up to July 1 of the previous year -in this case, 2011.
In 2011, the overall value of Squamish's assessment roll declined from $3.92 billion to $3.81 billion. Of that total, almost $82 million consisted of new construction, subdivisions and rezonings.
Examples of residential properties provided by B.C. Assessment included:
A single-family dwelling downtown, valued at $390,000 as of July 1, 2010, declined to $374,000 in 2011, a decrease of 4.1 per cent;
A single-family dwelling in Brackendale, valued at $450,000 in 2010, increased in value to $456,000 in 2011, an increase of 1.3 per cent;
A single-family dwelling in Garibaldi Highlands, valued at $531,000 in 2010, declined to $497,000 in 2011, a drop of 6.4 per cent;
A two-bedroom apartment in Garibaldi Estates, valued at $210,000 in 2010, declined to $185,000 in 2011, a drop of 11.9 per cent;
A three-bedroom townhome in Garibaldi Estates, valued at $335,000 in 2018, declined to $312,000 in 2011, a drop of 6.9 per cent.
Province-wide, the value of properties on the B.C. Assessment roll is $1.017 trillion, an increase of 6.42 per cent over last year. Approximately $850 billion of that value is in properties with at least some residential (Class 1) component.
Property taxes include both municipal and school-tax components, with smaller amounts supporting regional hospital district initiatives. School-taxation rates are set by the B.C. Ministry of Education. Assessments, school and municipal government needs are the key factors affecting whether individual homeowners' property taxes go up or down in any given year.
Property owners who feel their property assessments don't reflect market value as of July 1, 2011, or who see incorrect information on their assessment notices, should contact B.C. Assessment by phone at 1-800-661-1780, by email at [email protected] or visit www.bcassessment.ca for more information. Property assessment review panels meet between Feb. 1 and March 15 to hear formal complaints.
