Hundreds of Oak Bay landowners get early assessment warning

Assessed values jump 10 to 40 per cent for 400 to 500 properties

Mayor Nils Jensen

BC Assessment warns some Oak Bay property owners their assessed value could jump 10 to 40 per cent this year.

Warning letters went out last week to property owners who will see a significant increase above the average for 2017.

“We’re going to have a lot of people in Oak Bay notified,” said mayor Nils Jensen. “There are about 400 or 500 people whose assessed value will go up higher than the average.”

The Greater Victoria real estate market saw increased activity this year with major increases in residential and commercial values. The 2017 assessment values reflect the market on July 1.

“The preliminary market analysis for 2017 assessments indicates significant increases over the 2016 property assessment year,” said Christopher Whyte, acting assessor. “Increases of 10 to 40 per cent will be typical for single-family homes in Victoria, Saanich, Sidney and Oak Bay. Typical strata residential increases will be in the five to 25 per cent range.”

Commercial and industrial properties throughout Greater Victoria will see increases around five to 15 per cent. Commercial properties bought for eventual redevelopment will often exceed these ranges.

“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” adds Whyte. “It all depends how your actual property assessment changes compared to the average change in your community.”

Property owners will receive their annual assessment notices in early January, but  this month BC Assessment is notifying property owners whose assessments increased significantly more than the typical range of change.

“Anyone who’s assessed value goes up the average, will get the average increase in taxes,” Jensen said. “If you go up the average, you go up the average (municipal tax) increase. If your house sees a huge leap (in assessment) you will see a more than average increase (in municipal taxes).”

“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Whyte said. “It all depends how your actual property assessment changes compared to the average change in your community.”

Residents can challenge an assessed value.

“There are cases where people’s assessed value have been reduced,” Jensen noted.

While there is an appeal process, BC Assessment recommends residents contact them, as most cases are resolved through conversation with staff.

The 2017 assessments are available online at www.bcassessment.ca after Jan. 3.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Undercover operation exposes prominent human trafficking problem in Greater Victoria

VicPD’s Operation No More took place in mid-June at a local hotel

Victoria man in custody after shooting in 100-block of Gorge Road East

The man is facing recommended charges including assault with a weapon

Langford approves permit for 124-unit mass timber building

Tallwood 1 to be completed by late 2021

Book stores in Victoria notice uptick in sales for anti-racism titles

White Fragility, How to be an Antiracist are among the best selling titles

‘This year is unlike any other’: Trudeau delivers Canada day address

Sophie Gregoire Trudeau and the Prime Minister release video celebrating the national holiday

Tsilhqot’in Nation demands meeting with feds on declining Fraser River chinook stocks

The Nation wants to partner with DFO to rebuild and recover the stocks

Gov. General honours Canadians for bravery, volunteer service

Five categories of winners presented on Canada Day

COVID-19: Should non-medical masks be mandatory in Canada?

New poll shows Canadians are divided on the rules around mandatory masks

‘A little bit scary for everybody’: Air passengers wary as new rules take effect

Masks or face coverings have been mandatory on flights since April 20

VIDEO: Prince William and Kate chat with B.C. hospital staff about COVID-19

Seven-minute video posted to Youtube on Canada Day

River centre says heavy rains could bring flooding to central, northeastern B.C.

Water levels are already unusually high and river banks can be extremely unstable

Campbell River’s defunct cruise ship terminal to undergo evaluation for future plans

With no cruise ship coming through, the $16million terminal has been a white elephant for over 13 years

Most Read