The City of Port Alberni has seen an eight percent rise in property assessment values.
The typical assessed value for a single family home in Port Alberni is now $506,000, up from $469,000 last year. The 2023 assessment notices, which came out on Jan. 3, 2023, reflect the market value as of July 1, 2022.
An eight-percent rise is much lower than the beginning of January 2022, when the price for a typical home in Port Alberni went up 47 percent—one of the highest on Vancouver Island last year.
Vancouver Island Deputy Assessor Jodie MacLennan warned against confusing property assessments with real estate price points.
“While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher,” she explained.
Although Port Alberni saw an increase in 2023 assessment values, it’s still the most affordable place to live on the Central Island, and one of the most affordable communities on Vancouver Island. MacLennan says most homeowners across the Island can generally expect a 10 to 20 percent rise in assessment values, so Port Alberni is still below average.
Overall, Vancouver Island’s total assessments increased from about $342 billion in 2022 to almost $386 billion this year. About $4.78 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
The highest increase on the Island was in the town of Port McNeill, which saw a 26 percent rise in assessment values.
MacLennan says that changes in property assessments do not automatically translate into a corresponding change in property taxes.
“As indicated on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes,” she said.
Property owners who are concerned about their assessment can submit a Notice of Complaint (Appeal) by Jan. 31 for an independent review by a Property Assessment Review Panel.