AIQ - The Terrace Standard, Wednesday, January 13, 1999

But don't bank on a tax cut

Assessments drop

FOR THE FIRST TIME in
a decade, property values
for tax assessmenis have
dropped in the city,

Notices sent out by the
B.C, Assessment Authority
last week confirm that an
uncertain economy has
dropped the values of homes
and other buildings.

As of July 1, 1998, the
city’s assessment _roll
carried values of $798,746
million, a $32.766 million
drop from the year before. _

The drop is more sig-
uificant in that the 1998
‘value included $7.156 mil-
lion of new construction
‘while the 1997 assessment

total of $834.512 million in- |

cluded new construction of
$21.992 million.

It was not uncommon for
city homeowners to receive
assessment natives last
week indicating their places
have taken a 10 per cent hit
or more in value,

And, says local senior
B.C. Assessment Authority
assessor Tom Protheroe,
values have continued to
drop since the 1998 values
were fixed as of July 1.

“Assessments are based
on market value — people
buying and selling, They’re
the people who decide the
worth,’ he said,

But while the drop in
values may reflect the eco-
nomic situation here, there
is no comparison to.the last
economic downtum of the
early 1980s, Protheroe
added,

“Values dropped far more
significantly then,”’ he said.

Surprisingly, B.C, Assess-
ment Authority’s figures in-'

it out

if properly owners feel their
assessments are wrong, they
call cxamine assessments
and sales of neighbouring

properties and then make
comparisons.

The authorily office in -

Suite 100 at 4544 Lazelle
Ave, has this information as
does the public library and
the City of Terrace,

Assessments can be ap-
pealed aud the deadline for
making such an application
is Jan. 31, 1999,

The ‘assessment authority
office also has a number of

fact sheets relating to how it,

does its job.

From front

Revival.

Rigsby said the company
has been getting its costs
under control — by replace-
meut of a boiler at the pulp
mill, through staff reduc-
tions al the Vancouver of-
fice, and through price
‘reductions agreed to by key
suppliers.

Skeena Cellulose spokes-
man Don McDonald said
the company has wanted to
restart the B line for some
time, but dismissed as
“pure speculation’’ the idea
that any immediate plan is:
in the works. .

“It’s certainly our objec-
live to get B line operat-
ing,’’ McDonald said. ‘'The
production, the efficiency
benefits would be there, as
would the exira employment
benefits in Rupert and in the
woodlands,”

“But the key is. pulp
prices and pulp prices are
not good enough to do it at
this time.”

Prince Rupert's

SES

HOTEL

“Weeken
Special

1-800-663-8150

dicate Thornhill homes held
their value more, as of July
1, than did ones in Terrace
when values were last fixed
as of July 1, 1997.

‘“A house in the Thom-
heights area sold for
$155,000 in July of 1997
was worth approximately .
$157,000 in mid-1998,"?
said an authority news
release.

“Tn the Riverdrive area, a

‘house that was valued at
$125,400 in. July of 1997
sold for $125,000 in July of
1998,”

‘But as is the case in the
city, Protheroc said market
values in Thornhill have

. declined since July 1, 1998,
-And he said assessment
figures which reflect market
values at Lakelse Lake have
moved very little in value
between 1997 and 1998.

Assessment figures are
used by local governments
to fix tax rates.

’ Butit doesn’t automatical-
fy follow that the drop in as-
sessment figures means
homeowners will be paying
less property tax this year,
says City of Terrace

treasurer Keith Norman,

All things being equal, a
municipality can simply ad-
just the tax rate per $1,000
of assessed value. to make
up for the difference, he
said,

“What council will do is
look at all the information
and sei the rate ta raise
what's necessary to meet
our budget,”’ said Norman,

Although it is still far too
early to estimate what prop-
erty fax implications there
will be, Norman said a
homeowner's " assessment
will have to drop beyond the
average for there to any ef-
fect on the dollar value of

property tax paid this year
compared to fast year.

He noted thal tax revenues
from. © new construction
added to the 1998: assess-
ment rall will also influence
eventual tax rates.

Raw fi igures received by
Norman last week show a
1998 residential value of
3519 million compared to

$543 million the year be-
fore,

City council has already

said it will hold the line on |

taxes this year,

In particular, it wants ta
ease the tax rate for com-
mercial properties.

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