Now that the holidays are over, it’s back to business. More than 12,000 property owners in Nakusp, New Denver, Silverton, and the surrounding rural areas can expect to receive their 2012 assessment notices in the next few days.
“Most homes in the Nakusp and Upper Slocan Valley area have changed modestly from last year’s assessment roll,” said Dennis Hickson, Deputy Assessor.
Overall, the Village of Nakusp’s 2012 assessment roll was unchanged at $250 million. The Village of New Denver’s assessment roll increased from $92.4 million last year to $94.3 million this year, and the Village of Silverton’s assessment roll increased from $46.7 million last year to $47.7 million this year. The surrounding rural area remained stable at $1.1 billion. Of the communities noted above, almost $13.2 million of the assessment change is attributable to subdivisions, rezoning and new construction.
Real estate sales determine a property’s value which is reported annually by BC Assessment.
“It’s not a strong market right now, but it’s consistent,” said Nakusp CAO Linda Tynan. Even though there hasn’t been a lot of activity, she noted, there has been enough that there hasn’t been a significant drop in the assessment roll.
Owners of commercial and industrial properties in Nakusp, New Denver and Silverton will see changes ranging from five per cent less to five per cent more than last year.
BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province, including the public school system.
Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Hickson.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” added Hickson.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.
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