Property and home values on the North Island have largely remained stable or dropped, particularly in more remote areas, according to assessments sent to owners by BC Assessments last week.
“Most homes in North Vancouver Island are worth less in value compared to last year’s assessment roll,” said Vancouver Island Regional Acting Assessor Bill Dawson.
The percentage of change ranges from -5 to +10 per cent in Port Hardy; -10 to +5 per cent in Port McNeill; -5 to +10 per cent in Alert Bay and -10 to +10 per cent in rural parts of the District of Port Hardy. All other areas show decreases or zero gain, with the largest drops in home value in Sayward (-25 per cent), Tahsis (-25 per cent) and Gold River (-20 per cent).
The total assessment roll for for North Vancouver Island fell from $993,118,901 in 2013 to $976,308,111 for the 2014 tax year, despite the gain of more than $9.5 million from subdivisions, rezoning and new construction.
BC Assessments stresses the 2014 figures reflect the averages of local market trends for residential properties by geographical area. Trends for individual properties are affected by many variables and may differ from these averages.
“Property owners who feel their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” Dawson said.
Property owners can contact BC Assessment toll-free at 1-866-valueBC or by visiting www.bcassessment.ca and clicking “CONNECT”.
BC ASSESSMENTS
EXAMPLE PROPERTIES
North Vancouver Island
Assessment: 2013 2014
District of Port Hardy
Single-family dwelling $197,600 $205,400
Strata condominium $45,000 $45,000
Village of Port Alice
Single-family dwelling $180,900 $175,300
Strata condominium $58,700 $50,300
Town of Port McNeill
Single-family dwelling $219,000 $205,000
Village of Gold River
Single-family dwelling $128,500 $122,900
Village of Tahsis
Single-family dwelling $86,500 $73,200
Village of Alert Bay
Single-family dwelling $158,400 $159,400
Village of Sayward
Single-family dwelling $141,700 $105,300
Village of Zeballos
Single-family dwelling $85,900 $83,600
Port Hardy rural
Single-family dwelling $171,500 $164,500
(under two acres)
Single-family dwelling $295,000 $291,000
(over two acres)
West Coast rural
Single-family dwelling $118,900 $121,100
(under two acres)
Single-family dwelling $339,000 $320,300
(over two acres)