Property owners throughout Vancouver Island can now expect to receive their 2018 assessment notices from BC Assessment in the mail.
The 2018 assessment notices reflect the market value as of July 1, 2017.
“The majority of residential homeowners within the region can expect an increase in their assessment in the 10 per cent to 25 percent range as compared to last year’s assessment,” says Assessor Tina Ireland in a Jan. 2 press release.
“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,” added Ireland.
For the North Island specifically, small increases lower than the average 10 to 15 per cent, were seen across North Island communities.
The average assessed residential value of homes for District of Port Hardy saw a four per cent increase. In 2017 the average was $189,000, whereas for 2018 it jumped to $196,000.
The Village of Port Alice also saw a four per cent increase with 2017’s average assessment for 2018 coming in at $141,000 over last year’s $136,000.
Port McNeill was ahead of the pack with a seven per cent increase from 2017’s $215,00 to 2018’s $230,000.
Alert Bay wasn’t far behind with a six per cent increase from their 2017 average valuation of $112,000 to this year’s $119,000.
The Village of Zeballos was the only community to see a decrease in average assessed value, with a four per cent drop from the 2017 value of $89,000 to 2018’s $85,000.
The biggest average riser on the Island was Ucluelet at 26 per cent.
“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.”
BC Assessment notes that changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.
When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view, and location.
BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information.
Go to bcassessment.ca and use “Find your property assessment”