PIXABAY PHOTO The average increase was 10 to 25 percent accross the island.

North Island 2018 Property Assessments below Island average

North Island properties fell short of the average 10 to 25 per cent increase

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”

 

BC ASSESSMENT PHOTO The summary is an estiame of averages of 2017 versus 2018 assessed values of residential homes (2017 on the left, 2018 on the right, and percentage change in value indicated in the third colum).

Just Posted

Port Alice trailer goes up in flames in the early morning hours

The North Island Gazette will continue to update the story with more details as it progresses.

1041 customers without power due to outages in Northern Vancouver Island

Keep following the North Island Gazette for more on the power outages.

VIDEO: Sports Talk with Tyson: North Island Bantam Eagles are ready for provincials

Sports Talk with Tyson is back this week with an indepth look at the North Island Bantam Eagles.

Ferry connecting Port Hardy and Bella Coola expected to set sail this summer

Its first in-service route will sail in central coast waters on May 18, 2019.

Thunderbird movie films in downtown Port Hardy

A film crew of approximately 30-40 people has shut down part of Market Street in Port Hardy.

VIDEO: Students in MAGA hats mock Native American at Indigenous Peoples March

Diocese in Kentucky says it is investigating the matter, caught on video by onlookers

Want to avoid the speculation tax on your vacant home? Rent it out, Horgan says

Premier John Horgan and Sheila Malcolmson say speculation and vacancy tax addresses homelessness

CONSUMER REPORT: What to buy each month in 2019 to save money

Resolve to buy all of the things you want and need, but pay less money for them

UPDATE: B.C. woman and boy, 6, found safe, RCMP confirm

Roseanne Supernault says both she and her six-year-old nephew are fine and she has contacted police

PHOTOS: Women’s Marches take to the streets across B.C. and beyond

Women and allies marched worldwide protesting violence against women, calling for equality

Mowi reassures RDMW future of aquaculture industry in wake of historic announcement last month

Mowi anticipates a plethora of opportunities in other areas of the North Island for economic growth.

Anxiety in Alaska as endless aftershocks rattle residents

Seismologists expect the temblors to continue for months, although the frequency has lessened

Women’s March returns across the U.S. amid shutdown and controversy

The original march in 2017, the day after President Donald Trump’s inauguration, drew hundreds of thousands of people

Federal Liberals announce former B.C. MLA as new candidate in byelection

Richard Lee will face off against federal NDP leader Jagmeet Singh

Most Read