(Black Press file image)

Property assessments to rise again on Vancouver Island

Some areas could see their assessments spike as much as 20 per cent

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.

READ MORE: Victoria’s vacancy rate predicted to rise above one per cent

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.

READ MORE: Oak Bay sees 12 per cent jump in average residential property value


@KeiliBartlett
keili.bartlett@blackpress.ca

Like us on Facebook and follow us on Twitter

Just Posted

Port Alberni’s Kris Patterson wins provincial award

Patterson one of 19 recipients of Medal of Good Citizenship for volunteerism

Ucluelet police searching for missing man

Ucluelet police are asking for the public’s assistance in locating a missing 29-year-old.

BCHL: Bulldogs beat Capitals on the road

Alberni Valley Bulldogs back at home this weekend

Kuu-us Crisis Line Society kicks off 21st annual Festival of Trees

26 Port Alberni businesses will decorate trees on Dec. 9 for festival

Lawyer for Chinese exec detained by Canada says it’s ‘inconceivable’ she would flee

Meng Wanzhou was detained at the request of the U.S. during a layover at the Vancouver airport

B.C.’s skyrocketing real estate market will ‘correct’ in 2019: analyst

Housing prices in Vancouver are set to rise just 0.6 per cent

Climate change, receding glaciers increase landslide risk on B.C.’s Mount Meager

Climate change is causing glaciers atop Mount Meager, in British Columbia, to shrink increasing the chances of landslides and even a new eruption, says one expert.

UK’s May lobbies EU leaders in fight to save Brexit deal

Top European Union officials ruled out Tuesday any renegotiation of the divorce agreement with Britain.

Former Canadian diplomat detained in China amid rising tensions: reports

A former Canadian diplomat has been arrested in China, according to media reports and the international think tank he works for.

In depth: Simple falls causing serious injuries to people over 65

Kelowna’s high population of seniors puts it in the spotlight for how it deals with seniors’ issues

Time magazine’s 2018 person of the year

The group is made up of four journalists and are the “guardians and the war on truth”

Trump to meet with Democrats about border wall, shutdown

US president wants $5 billion for border wall, while Democrats offer up about $1.3 billion for fencing and other security measures

Trapped humpback whale freed from salmon farm near Tofino

“All of these problems could be solved by the farms moving onto land and getting out of the ocean.”

Most Read