Overview of 2018 Assessment Roll Peace River Regional District David Keough, Deputy Assessor Tracey Love, Senior Appraiser
Topics 1. About BC Assessment 2. Valuation 3. Classification 4. Key dates 5. Assessments & taxes 6. 2018 assessment roll 2
History of BC Assessment Established in 1974 under the Assessment Authority Act in response to the need for a fair, independent organization that valued all property in the province A provincial Crown corporation, independent of taxing authorities 3
Our product The Assessment Roll Annual list of property values provides stable, predictable base for real property taxation in B.C. Identifies ownership, value, classification & exemptions for each property Represents over 2 million properties with total value of $1.86 trillion Provides the base for local governments & taxing authorities to raise approximately $7.5 billion annually in property taxes for schools & important local services 4
How we value different properties Market value as of July 1 st Residential Commercial Market value is the most probable price which a property should bring in a competitive market under all conditions requisite to a fair sale, the buyer & seller, each acting prudently, knowledgeably & assuming the price is not affected by undue stimulus. Legislated (regulated values) 5
Actual Value not Market Value The actual values of some properties are determined using statutory rates. Continuous structures Fibre Optics Pipelines Railway track Electrical power lines Telephone lines Right-of-way (utilities etc ) Farm Land Forest Land Major Industrial plants are valued using prescribed costing manuals
How we classify properties 7
Exemptions An exemption applied by BC Assessment is a release from paying all or a portion of a tax levied by a local taxing authority Common exemptions are: Statutory granted by legislation Permissive granted by taxing authorities 8
Assessment cycle & key dates Jan. 1-31 Inquiry period Jan. 31 = PARP appeal deadline Oct. 1 Dec. 31 Roll production Oct. 31 = Physical condition & permitted use Nov. 30 = Ownership reflects LTSA records Dec. 31 = Assessment notices produced & mailed Dec. 31 = Liability for taxation Feb. 1 March 31 PARP appeal hearings Revised Roll production April 1 - Sept. 30 Assessment projects completed New construction inspected April 30 = PAAB appeal deadline July 1 = Valuation date 9
Understanding Property Assessments & Property Taxes 10
Impact of changes in assessed value on taxes My assessment has gone up 40%, I can't afford for my taxes to go up 40%! 11
2018 Assessment Roll Overview 12
2018 completed assessment roll Province 1.2% increase from 2017 11.9% increase from 2017 27.9% increase from 2017 Total properties 2,044,482 Total value of roll $1.86 trillion Total non-market change $31.85 billion
2018 completed assessment roll PRRD 1% increase from 2017 3.6% increase from 2017 71.1% increase from 2017 Total properties 40,188 Total actual value $9.25 billion Total non-market change $124.8 million
10 year comparison- Actual values $10,000,000,000 $9,000,000,000 $8,000,000,000 $7,000,000,000 $6,000,000,000 $5,000,000,000 $4,000,000,000 $3,000,000,000 $2,000,000,000 $1,000,000,000 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 15
2018 NMC & Market Change - PRRD 16
2018 NMC & Market Change- PRRD 17
Average Single Family Provincial Sample 18
Average Single Family Dwelling Northern BC Community 2017 2018 Change 343 - District of Tumbler Ridge $146,000 $143,000-2.0% 341 - District of Houston $160,000 $160,000 0% 335 - District of Mackenzie $164,000 $164,000 0% 255 - Northern Rockies Regional Mun $179,000 $164,000-8.4% 470 - City of Quesnel $195,000 $202,000 3.8% 585 - District of Vanderhoof $224,000 $223,000-0.6% 329 - District of Kitimat $278,000 $233,000-16.2% 492 - City of Williams Lake $236,000 $245,000 4.0% 514 - District of Chetwynd $258,000 $250,000-2.9% 206 - City of Dawson Creek $261,000 $268,000 2.7% 227 - City of Prince Rupert $260,000 $276,000 5.9% 478 - Town of Smithers $287,000 $297,000 3.4% 226 - City of Prince George $287,000 $302,000 5.2% 339 - City of Terrace $309,000 $305,000-1.3% 420 - City of Fort St John $387,000 $369,000-4.6% PRRD Electrol Area B $208,000 $198,000-5.1% PRRD Electrol Area C $435,000 $436,000 0.2% PRRD Electrol Area D $247,000 $239,000-3.3% PRRD Electrol Area E $267,000 $249,000-7.2% 19
Property Information www.bcassessment.ca
Property Assessment Details
Property Assessment Details (continued)
Neighbouring Properties
Sample Sold Properties
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Income Requirements < 2 acres $10,000 This is considered high intensity farming 2 acres to 10 acres $2,500 > 10 acres $2,500 on the first 10 acres + 5% of the farm land value of the remaining farm land 26
Farm land Value is determined by a Valuation Schedule and that land value is used to calculate income Farm Land Values do not reflect market value The Department of Forestry published Land Use Capability Mapping for soil types There are 8 categories of land Use with a $/acre value assigned to each on the Farm Land Valuation Schedules (range from $5/ac to $250/ac) The dollar per acre value provided on the schedule is used to calculate the farm land assessment value 27
Farm land value is determined by a Valuation Schedule and that assessed land value is used to calculate required Farm Income B.C Reg. 276/84 Assessment Act LAND VALUES FOR FARM LAND REGULATION 28
Farm Land Assessment value is based on Land Use Capability Two different 160 AC properties both with farm classification. Parcel A has land use capability of 6 & 7 which are the lowest value per acre. Parcel B has most of the land in capability 2 which is one of the highest values per acre Assessment of A = $680 Assessment of B = $25,768 29
Farm Folios with Petro Sites 30
Properties with Petro Leases Total number of folios with Petro Leases in BC Both farm and residential 4531 On farm folios only 2025 Total number of folios with Petro Leases in Peace River Region Both farm and residential 4095 On farm folios only 1724 There can be more than one Petro site on a folios and each can have their own lease or well site number 31
Questions? 32