It looks as if the North Peace housing market is pulling through the ailing economy.
B.C. Assessment is reporting a 6.7% increase in residential assessment rolls in Fort St. John, and a 10% increase in commercial rolls.
Residential property values in the energetic city totaled $2.3 billion in 2009, but in 2010 are estimated at $2.5 billion.
The 2010 values reflect the market value as of July 1st, 2009.
Municipalities, like the city of Fort St. John, use this information to determine a mill rate (or tax rate) for homeowners.
It’s expected that most home owners in the region will see modest assessment increases in the 5% to 10% range, while acreage and waterfront properties will see increases surpassing 15%.
The City isn’t expected to determine mill (tax) rates until sometime this spring.
Meanwhile, the District of Taylor will likely see a dramatic increase of 16.1% between residential and commercial assessments.
Property owners who feel that their assessment does not reflect market value should contact the B.C. assessment office as soon as possible.
In total, the 2010 B.C. Assessment Roll is $969 billion, an increase of 1.7 per cent over the 2009 total value of $953 billion.