AffordabilityReal EstateVancouver IslandVictoria

Vancouver Island homes up as much as 25% in assessed value

Residential strata market particularly robust with assessments increasing 15% to 35% in many areas

In the next few days, owners of more than 369,000 properties throughout Vancouver Island can expect to receive their 2018 assessment notices which reflect market value as of July 1, 2017.

And, they can expect to see an increase in value, which means more property taxes.

“The majority of residential home owners within the region can expect an increase in their assessment in the 10% to 25% range as compared to last year’s assessment,” says Tina Ireland, an assessor with BC Assessment. “The market has remained strong across the island and across property types. The residential strata market has been particularly robust with assessments increasing 15% to 35% in many areas.

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Overall, Vancouver Island’s total assessments increased from $192.7 billion in 2017 to $223.1 billion this year. A total of almost $3.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.

Top 5 most expensive homes on Vancouver Island

  1. James Island, $54,433,000, Gulf Islands
  2. 3160 Humber Rd, $15,097,000, District of Oak Bay
  3. 3195 Humber Rd, $15,039,000, District of Oak Bay
  4. Samuel Island, $14,796,000, Gulf Islands
  5. 1365 Dorcas Point Rd, $12,418,000, Alberni Rural

BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Ireland.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” adds Ireland.

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The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” adds Ireland. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”

For more information, visit: www.bcassessment.ca

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