The 2015 property assessments have been mailed out and some Oak Bay homeowners have seen significant increases to their property values.
As many as 250 Oak Bay home owners have seen their total property assessments increase by more than 20 per cent. With the average home seeing only a three per cent increase to its assessment, some Oak Bay homeowners could see a large spike in property values.
Some property owners could qualify for assessment relief. The B.C. Assessment Act provides for relief from assessment based on potential land use under certain conditions: The property is no larger then five acres; the owner must have owned and occupied the property as their principal residence for the last 10 years; the market value of the property for another use must be higher than the existing residential value; the application for relief must be submitted every year.
The form to apply for assessment relief can be found on the B.C. Assessment website.
Although the application form stipulates that it must be submitted by Jan. 1, it also cites March 15 as the final deadline. The B.C. Assessment fact sheet on important dates also cites March 15 as the deadline for requests for relief for this specific reason.