(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

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

Just Posted

Greater Victoria woman creates ‘call list’ for seniors to tackle loneliness

Call list allows seniors to have some friendly conversation during isolating times

Report looks at COVID-19’s impact on violence in the family

Police across Canada reported almost 100,000 cases of intimate partner violence in 2018

Saanich’s Shelbourne corridor work set to start despite pandemic

Municipal work is deemed an essential service, keeping the long-term project on track

Royal Athletic Park will not be a shelter site during COVID-19 crisis: Victoria mayor

Indoor sites to be coordinated with Island Health, BC Housing

BC Ferries further reduces sailings in response to COVID-19

Any sailing reservations cancelled due to schedule changes will be refunded

UPDATE: Canadians awake to extra COVID-19 emergency benefit money, feds clarify changes

The CRA and federal officials are working to clarify the confusion around payments

COVID-19 world update: 6.6 million U.S. jobless claims; alcohol sales banned in Bangkok

Comprehensive digest of coronavirus news items from around the world

B.C. sorting medical equipment sales, donation offers for COVID-19

Supply hub has call out for masks, gowns, coronavirus swabs

B.C. records five more deaths due to COVID-19, 45 new cases

A total of 838 people have recovered from the virus

Major crimes investigating sudden death of North Okanagan child

The 8 year old was flown to Kelowna General Hospital and died hours later

Easter Bunny added to B.C.’s list of essential workers

Premier John Horgan authorizes bunny to spread “eggs-ellent cheer” throughout province

Travellers returning to B.C. must have self-isolation plan or face quarantine: Horgan

Premier John Horgan says forms must be filled out by travellers

More than 400 animals have been adopted amid pandemic: B.C. SPCA

People are taking this time of social distancing to find a loyal companion through the animal welfare group

VIDEO: More than 85 people displaced by Campbell River apartment fire

Traffic is being diverted around Dogwood Street and 9th Avenue

Most Read