Province’s decision to freeze property assessments reflects sales volumes, values
While it still remains to be seen what municipal property tax rates will be this year, residents will at least be guaranteed that their share of the tax burden will stay the same or go down compared to last year.
On Monday, homeowners across the province received notice from B.C. Assessment, which determines the approximate value of homes based on sales figures. Because the assessments were made in July, before the economy declined, the province passed special legislation in November that homes be assessed at the lower of July 1, 2008 or July 1, 2007 values. (more…)