Residents on Vancouver Island should expect an increase in the assessed value of their single-family homes once again.
Ahead of BC Assessment’s annual release for 2019, assessor Tina Ireland said, “most of the province in the single-family market, the increase they can expect to see is about five to 15 per cent. But if we look specifically at the Greater Victoria area for single-family dwellings, that increase is a little less at about five to 10 per cent.”
Central and northern Vancouver Island, however, can expect a slightly higher increase of 10 to 20 per cent.
“Those increases are mirrored in the strata market as well,” Ireland said.
Nearly 360,000 property assessments will be sent out to home owners on Vancouver Island.
The assessments are based on the market conditions as of July 1, compared to the same date the year before. These assessments will determine the share of property taxes within a community.
“If all assessments in the city of Victoria all go up the same amount and yours goes up the same amount as everyone else’s, it really doesn’t impact your property taxes. But if your assessment goes up greater or less than the average change for your municipality, that’s when there would be an impact on your property taxes,” Ireland said.
Notices will be sent out in the first week of January 2019, but property owners whose assessment is increasing significantly more than the average change will get their notices later this month. Around 50,000 early notification letters will be sent out across B.C. this year.
Ireland said that after Jan. 1, property owners can see their assessment online, and are able to compare it to their neighbours’ at www.bcassessment.ca.