Assessments climb by five per cent in greater TerraceBC area
Assessed values for single family homes in Terrace and area grew by an average five per cent from 2021 to 2022, a more modest increase than the double digit rise of the previous annual period, indicate figures released by the B.C. Assessment Authority Jan. 3.
The Bench area of Terrace once again proved to be the dominant area of new single family residential construction when 24 single family homes were added to the B.C. Assessment Authority rolls between July 1, 2021 and July 1, 2022.The number of homes within the Horseshoe dropped by one from 1,158 to 1,157 while there was no change to the Southside’s 716 homes and the 725 homes in Thornhill.
Prince Rupert values rose by 14 per cent from $389,000 to $443,000 and by 14 per cent in Smithers from $438,000 to $498,000. The important factor is where the assessment for an individual property rests within the average change of that property’s class within the local government or taxing authority.
“The finance department will recalculate the tax rate each year for each property class, ensuring that only the tax revenue that is needed is collected, taking into consideration the change in the assessed value,” she said.
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