Property assessments are up across the province and the Cariboo Regional District is no exception. Increases as high as 40% are being seen in communities such as Wells, with 100 Mile, Williams Lake, and Quesnel all seeing increases around 30%. Assessment increases can impact each property owner’s tax rate differently, but some trends are emerging in the Cariboo region.
Electoral Areas in the South Cariboo are likely to see a shift upwards in their tax bill for region wide services. In particular, Areas E, G, H, and L may experience significant increases due to the variations in assessments throughout the region. Similarly, areas in the North Cariboo that did not see as large of increase to their assessments, namely Electoral Areas A, B, C, and D, are likely to see a decrease in their tax bill due to the change in their assessments.
A key driver of the increased assessments is the current real estate market in our region. Interest in Cariboo properties is very high, with some buyers paying over asking price for desirable properties. This activity is resulting in higher assessments across the region.
Cariboo Regional District residents and property owners should note an important difference in the way they are taxed compared to their neighbours in the Cariboo municipalities of 100 Mile House, Quesnel, Wells, and Williams Lake. In municipalities, property owners are billed using a variable ‘mill rate’ formula (dollars per $1000 of assessed property value). The local government also determines how to split the overall tax burden between private, industrial, and commercial taxpayers.
By comparison, the CRD’s tax bill is separated by each service area and calculated according to ratios set by the Province of BC. The taxes collected can only be used for the specific services in the specific areas where they were collected. In addition, regional districts cannot directly tax properties and must requisition their member municipalities and the Provincial Surveyor of Taxes (for rural electoral areas) to tax on their behalf in order to meet annual revenue needs.
For local services that only apply to a specific Electoral Area or neighborhood, Cariboo Regional District Chief Financial Officer Kevin Erickson notes, “The important thing to remember is that taxes are calculated in relation to other homes in your area. Unless your property is assessed significantly higher than your neighbours, you are unlikely to see much change in your annual bill due to the increased value.”
It is always important to review your assessment right away for accuracy. BC Assessment advises property owners who see incorrect information on their notice or feel their assessment does not reflect market value as of July 1, 2021 to contact them as soon as possible in January. The deadline to file an appeal of an assessment is January 31, 2022. Property tax bills are issued in June.
In addition, anyone whose home or property was impacted by 2021 flooding, wildfires, or mudslides is advised to call the BC Assessment toll-free line (1-866-825-8322) as soon as they receive their assessment notice to ensure their property is valued correctly.
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
To learn more about assessments and paying your property taxes in the Cariboo Regional District please visit the Taxes page of our website at: https://www.cariboord.ca/en/home-and-property/taxes.aspx.
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