Each year, BC Assessment assesses properties around the province, including Golden.
Those assessments are used by the Town of Golden to determine property taxes for the year.
The assessment reflects the condition of properties as of October 31, 2018.
In Golden, single family residential properties have seen a 10 per cent increase in this year’s property assessment. Single family residential properties only looks at homes in Golden, and does not include other family properties like apartments or condos.
“This is sort of what we see the market doing year over year,” said BC Assessment deputy assessor Ramaish Shah, adding that there isn’t always a consistent pattern.
BC Assessment looks at a variety of factors when assessing properties, including sales and new development.
They also look at secondary sources, like statistics provided by the real estate board.
“Generally what we do, is we look at sales that occur,” Sash said. “You just look at what homes are selling for. If they are selling for more than they were previously, we just raise the value.”
Across the province, most single family homes assessed values were expected to increase five to 15 per cent. On many parts of Vancouver Island, these homes increased closer to 20 per cent.
All B.C. property owners receive their property assessment notices in early January.
All properties in B.C. are calculated on the same date every year to ensure fairness.
The assessed value and classification of the taxable property, along with the municipal tax rate, determines the taxation for each property.
Taxation is handled by the Town of Golden, and is determined after adoption of the financial plan, but before May 15.
Once the annual Tax Rate Bylaw is set and adopted by council, property tax notices are mailed out. Property taxes are due to be paid in July.
Once residents receive their property assessment, there is an opportunity to appeal to the property assessment review panel before January 31.
“If anyone has a concern about the assessed value of their property, give us a call and contact us,” Shah said.
The average assessed property in Golden is around $359,000, which Shah said is right in the middle range, compared to towns surrounding Golden.
In Golden, residential homes are up by 9.04 per cent, businesses and others have increased by 11.67 per cent, and light industry has increased by 8.73 per cent.
Residential class primarily includes single and multi-family dwellings, residential strata properties, rental apartment buildings, and vacant residential land.
Business and other class largely includes retail properties, office buildings, and more warehouses.
Light industry class includes property used or held for extracting, manufacturing, or transporting products including ancillary storage.
In rural Golden, residential homes have increased by 10.13 per cent, business and other have increased by 7.4 per cent, and light industry has increased by 2.35 per cent.
BC Assessment has an online tool that allows anyone to look up the property assessment of any building. Simply type the address into the search bar, and select the desired property.
BC Assessment keeps track of the previous year’s assessed value, sales in the last three years, and many more details.
Go to www.bcassessment.ca to search and learn more about property value assessments in Golden and across the province.