Mayor's Report - January 2007

In early January we received our 2007 property assessment notices from the BC Assessment Authority, and it is interesting to examine the statistics. Overall, the total residential assessment base in Belcarra increased by +21.8% while for School District No.43 the overall residential assessment increased by +23.0%. However, since non-market increases accounted for +2.7% of the Belcarra’s total assessment, the average assessment in Belcarra increased by +19.1% over last year due to market movement. The question is: "How will these changes affect Belcarra's 2007 property taxes?"

The tax levy by the School District constitutes the largest portion (50%) of our residential property taxes, therefore the change in total assessment base relative to our neighbours is the largest factor affecting taxes. A look at the overall increase in net taxable residential assessed values for the municipalities comprising School District No.43 shows that Belcarra's assessments, which account for only 1.0% of the total, compare as follows:

The increases in assessed values above are a combination of an increase to assessed values and new construction, with the “bottom line” being School District No.43 increased by +23% overall compared to an average increase of +19.1% in Belcarra. Consequently, relative to our neighbours in School District No.43, Belcarra property owners will collectively pay a slightly decreased “share” of the School Tax.

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