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.

Just Posted

Oak Bay man designer behind Canucks’ retro jersey

Jeremie White was 20 years old when he told Canucks assistant GM Brian Burke he had a design

BC Farmers’ Market Trail a one-stop virtual guide to the goods

New website assembles, profiles 145+ farmers’ markets throughout B.C.

Westshore Rebels game postponed due to poor air quality conditions

Games expected to continue the following week

Saanich police investigating sexual assault in broad daylight

Social media lit up with accusations incident took place at Regina Park tent city

Swimmer halts journey across Strait of Juan de Fuca after hypothermia sets in

Susan Simmons swam for eight-and-a-half hours in 9 C choppy waters

Five things to do in Greater Victoria this weekend

Puppy yoga, horses, cars, water guns and more make up this weekend’s list of events to see

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

More than 800,000people have been displaced by floods and landslides

IndyCar driver Wickens flown to hospital after scary crash

IndyCar said Wickens was awake and alert as he was taken to a hospital

Ex-BCTF president ‘undeterred’ after early release from pipeline protest jail term

Susan Lambert and Order of Canada recipient Jean Swanson released early

Fast food chains look to capitalize on vegetarian, vegan trend with new items

Seven per cent of Canadians consider themselves vegetarians and 2.3 per cent identify as vegans

‘Hard on water:’ Smoke not the only long-range effect of wildfires

The project began more than 10 years ago after southern Alberta’s 2003 Lost Creek fire

B.C. VIEWS: Genuine aboriginal rights are misused and discredited

Camp Cloud one of long line of protests falsely asserting title

Most Read