Prince George property owners in most parts of the city - excluding the VLA - should expect to see a modest increase in their assessed value for 2012.
On Tuesday, B.C. Assessment mailed out the property assessments for 2012. Municipal governments use the property values set by B.C. Assessment when setting property taxes.
"Most homes in Prince George are remaining stable in value compared to last year's assessment roll," B.C. Assessment deputy assessor Christopher Whyte said in a press release. "Most home owners in Prince George will see modest changes in the zero to one per cent range."
Overall, the value of properties in Prince George increased from $8.64 billion in 2011 to $8.88 billion in 2012. This change represents an increase in property values as well as new construction, Whyte said.
However, for residents of the VLA the value of an average home dropped from $112,000 in 2011 to $100,000 in 2012 - more than 10 per cent lower in a single year.
The values used by B.C. Assessment are based on the market value as of July 1 of the previous year.
Changes in value varied substantially depending on the neighbourhood, according to B.C. Assessment.
The average value for a home in College Heights increased from $262,000 in 2011 to $265,000 for 2012.
In the Hart Highlands/North Nechako area the average value of a home went from $293,200 to $298,100; while in Lakewood, Heritage and Foothills the average home value increased from $228,400 in 2011 to $232,400 in 2012.
Commercial and industrial properties in Prince George also saw an average two to five per cent increase in property values.
Property owners who believe their assessment doesn't accurately reflect the value of their property as of July 1, 2011 can contact B.C. Assessment at 250-562-7215 or visit the local office at 200-1777 Third Ave.
The deadline to file a formal appeal is Jan. 31.
