Property assessments in lakecity remain ‘stable’

Property values in Williams Lake remain stable for 2014, according to BC Assessment.

Property values in Williams Lake remain stable for 2014, according to BC Assessment.

Owners of 4,600 properties throughout Williams Lake have been receiving assessments in the mail.

“Most homes in Williams Lake are remaining relatively stable in value compared to last year’s assessment roll,” said Darin Johnson, Deputy Assessor. “Most home owners in Williams Lake will see modest changes in the plus or minus 10 per cent range.”

There can be variances throughout the city on property values, Johnson said.

“Ever year we do appraisals on a mass basis so we’re looking at trends of housing categories throughout the town,” Johnson said. “It is normal for people to see a shift in their assessment, but we are not noticing anything clear in one way or another.”

In any community people will find pockets that can shift, he explained.

“It might be the higher end of housing that’s moving faster than the lower end, in terms of value range.”

Overall, the City of Williams Lake’s assessment roll increased from $1.251 billion last year to $1.252 billion this year. A total of almost $6.3 million of this increase includes subdivisions, rezoning and new construction.

Normally the assessment office doesn’t compile detailed information about the Cariboo Regional District assessment roll because it is so diverse, Johnson said.

“You get everything from properties that are in farm classification, which is a lower statutory value, and you’ve also got properties on lakes, and such a wide variety of homes and it is difficult to characterize averages effectively.”

Property owners who feel their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.

At the moment the number of callers is comparable to 2013.

“It’s still pretty early,” Johnson said. “We are getting phone calls and at first we go over the information with the property owners – the physical information about their property and then talk to them about sales in the area.”

And if that’s not satisfactory, owners have the option of appealing their assessment with the Property Assessment Review Panel by submitting a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel.

The Cariboo assessment office is located at Suite 202 – 350 Barnard Street in Williams Lake.

Meanwhile, in its latest annual report, the BC Northern Real Estate Board tallied 336 sales worth $68.6 million were reported through MLS® in 2013 for Williams Lake, up from 315 sales worth $68 million the previous year.

Half of the 118 single family homes sold in 2013 sold for less than $221,500. Thirty parcels of vacant land, 85 homes on acreage, 14 townhomes, 27 manufactured homes in parks and 34 manufactured homes on land were also sold in 2013.

At the end of December there were 358 properties of all types available through MLS® in the Williams Lake area, up slightly from 352 properties at the same time last year.