North Island home values show slight drop

Most North Island homeowners will see a slight dip in the assessed value of their properties according to BC Assessment.

Most North Island homeowners will see a slight dip in the assessed value of their properties, based on figures released last week by BC Assessment.

“Most homes in North Vancouver Island will see moderate decreases or little change in value compared to last year’s assessment roll,” said Bill MacGoughan, Vancouver Island’s regional assessor.

Most of the decreases on the North Island appear to be in amounts less than five per cent of property value from the previous year, according to sample figures distributed by BC Assessment.

For the District of Port Hardy, a single-family dwelling went from $199,600 to $197,600; in the Town of Port McNeill the assessment dipped from $219,000 to $206,800; the Village of Port Alice saw a drop from $187,000 to $180,900; and the Village of Alert Bay saw a modest dip from $160,300 to $158,400.

There were variations in the figures, including a slight rise in assessed value in the strata condominium category for Port Alice (from $58,600 to $58,700) and for single-family dwellings in the Village of Zeballos (from $83,000 to $85,900).

Some of the largest changes occurred in rural dwellings on lots more than two acres in size. For the Port Hardy rural area that value tumbled from $321,400 to $295,000, while in the West Coast Rural assessment area properties on two acres or more saw a drop from $364,000 to $339,000.

Assessments are the estimate of a property’s market value as of July 1, 2012 and its physical condition as of Oct. 31, 2012. Changes in assessments reflect movement in the local real estate market, and results can vary widely from property to property.

Local property tax rates will be calculated by local government taxing authorities this spring, based on the assessment roll in their respective jurisdictions.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012, or see incorrect information on their notice, should contact our office as indicated on their notice as soon as possible in January,” said McGoughan. “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 Jan. 31 for an independent review by a Property Assessment Review Panel.”

Property owners may contact BC Assessment toll-free at 1-866-825-8322 or visit www.bcassessments.ca.