As housing assessments begin appearing in mailboxes across the Peace Region, the Mayor of Fort St. John is encouraging homeowners not to worry.
On Monday, B.C. Assessment reported a 6.7% increase in residential assessment rolls in Fort St. John, and a 10% increase in commercial rolls.
But Mayor Bruce Lantz says he thinks those numbers just don’t add up.
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But Jason Grant, with the Provincial Assessment Authority says even he was surprised how quickly many markets, like this one, rebounded in the face of the recession.
Lantz says based on his understanding, the housing market dropped significantly in ’08 and didn’t begin recovering until July ’09.
The B.C. Assessment report shows residential property values in the Energetic City increasing from a total of $2.3 billion in 2009, to $2.5 billion in 2010.
Doing the math, Lantz says that would translate into a $2500 increase per household in Fort St. John.
So, Lantz says the City will be investigating the validity of the numbers, but says an increase in property values won’t necessarily translate into higher taxes.
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The City bases its mill rate on the annual property assessments. That rate should be determined sometime in April.
For Monday’s story on the 2010 property assessments, Click Here.