Property owners in Nanaimo, Lantzville and Ladysmith can expect to see slightly lower values assigned to their properties for 2024.
B.C. Assessments released its numbers this week detailing property values provincewide, and overall, Vancouver Island’s assessments, which had been taking some sizeable upward leaps in recent years, dipped slightly from the previous year’s values when the calculations were made as of July 1, 2023.
“For 2024, most homeowners can expect generally flat values including a mix of small decreases or only modest increases, reflecting the softening real estate market,” said Matthew Butterfield, Vancouver Island deputy assessor, in a press release. “Homeowners throughout Vancouver Island will generally see somewhere in the range of minus five per cent to plus five per cent change in assessment values. Some smaller north Island communities, however, will see larger increases as there continues to be demand in those markets with limited supply.”
In Nanaimo, the average single-family home assessment fell slightly from $786,000 to $759,000, a drop of about three per cent. Ladysmith’s single-family properties slipped four per cent, from $737,000 to $705,000, while Lantzville single-family home properties took a seven per cent tumble from $997,000 to $930,000.
Nanaimo’s strata home values dropped too, by five per cent, from $470,000 to $447,000.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” said Butterfield. “As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
The Island’s total assessment value this year increased to more than $386 billion from about $385 billion in 2023. About $4.86 billion of the region’s updated assessments came from new construction, subdivisions and property re-zoning, the release noted.
To see detailed information about how properties are assessed, look up assessments for individual properties or get information on how to appeal an assessment, visit the B.C. Assessment website at www.bcassessment.ca.
Nanaimo’s highest-assessed residential properties:
5025 Hinrich View $4,883,000
3372 Stephenson Point Rd. $4,821,000
4470 Burma Rd. $4,706,000
5512 Hiquebran Rd. $4,673,000
3384 Stephenson Point Rd. $4,121,000
6052 Clarence Way $3,945,000
4200 Jingle Pot Rd. $3,853,000
5508 Hiquebran Rd. $3,751,000
361 Camosun Dr. $3,532,000
3269 Ross Rd. $3,313,000
Nanaimo’s highest-assessed commercial properties:
Woodgrove Centre $218,606,000
Harmac Pacific $124,935,300
Nanaimo North Town Centre $88,354,000
Country Club Centre $75,399,000
DLX on Third $54,836,000
Port Place Shopping Centre $45,354,000
Longwood Station $37,677,000
Dickinson Crossing $33,676,000
Brooks Landing $33,242,000
Real Canadian Superstore $33,188,000
Lantzville’s highest-assessed residential properties:
6970 Dickinson Rd. $5,704,000
7386 Sunbury Rd. $5,525,000
6952 Dickinson Rd. $5,509,000
6960 Dickinson Rd. $5,302,000
6998 Strait Rd. $5,133,000
7600 Harby Rd. W. $4,762,000
6940 Dickinson Rd. $4,634,000
7088 Dickinson Rd. $4,537,000
7052 Myron Rd. $4,088,000
8020 Lantzville Rd. $4,027,000
Ladysmith’s highest-assessed residential properties
303 Gill Rd. $2,200,000
373 Chemainus Rd. $2,018,000
10675 S. Watts Rd. $1,940,000
287 Gill Rd. $1,921,000
307 Gill Rd. $1,878,000
312 Roland Rd. $1,864,000
319 Chemainus Rd. $1,833,000
315 Holland Creek Pl. $1,833,000
326 Morgan Rd. $1,709,000
417 Blair Pl. $1,677,000
READ ALSO: Last year’s top 10 highest-assessed properties in Nanaimo and Lantzville