Mayor's Report - January 2010

In early January we received our 2010 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 +7.8% while for School District No.43 the total residential assessment base decreased by -2.1%. (Last year School District No.43 had an overall assessment increase of +2.4%.) However, since non-market increases accounted for +1.3% of the Belcarra's total assessment for 2010, the average assessment increase in Belcarra was actually +6.5% due to market movement. (Last year Belcarra's total assessment increased by +1.1%, but the average assessment decreased by -0.1% due to market movement.) The question is: "How will these changes affect Belcarra's 2010 property taxes?"

The tax levy by the School District constitutes the largest portion (44%) 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 1.1% of the total, compare as follows:

The assessed values above are a combination of an increase (or decrease) to assessed values and new construction, with the "bottom line" being School District No.43 decreased by -2.1% overall compared to an average increase of +6.5% in Belcarra. Consequently, relative to our neighbours in School District No.43, Belcarra property owners will collectively pay an increased "share" of the School Tax in 2010.

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