Property values remain stable in Nanaimo
Residents in the Nanaimo region won’t see any big changes to home values this year, according to B.C. Assessment.
B.C. Assessment has announced 2014 assessments are in the mail for 48,000 property owners in the Regional District of Nanaimo. While there will be “modest” changes, it won’t be an exciting year for assessments, according to acting assessor Bill Dawson, who said fluctuations will rise and fall no more than five per cent.
In Nanaimo, the average single family dwelling is expected to see value slip by three per cent, while the average Lantzville property will see a two-per cent increase.
The change in the rural district is thanks to its growing desirability. More people are buying in the area and “perhaps paying more than they have in the past,” driving up some assessments, Dawson said.
“Most homes in the City of Nanaimo and District of Lantzville...[have] not had a lot of change from the 2013 roll,” he said.
“When it comes down to the main function [of assessments] – property taxation – probably a stable assessment roll is a positive because it doesn’t mean a lot of change for people.”
Property assessments are based on market value and the perception of buyers around regional neighbourhoods.
Residents can challenge assessed values by submitting an appeal letter by e-mail, fax or in person before Jan. 31. For more information visit www.bcassessment.ca.