(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

Just Posted

UPDATED: Transportation Safety Board finishes work at plane crash site, investigation continues

Transport Canada provides information bulletin, family of victim releases statement

Workers at auto dealerships in Nanaimo and Victoria set up picket lines

Sixty GAIN Group detailers, technicians, service advisors went on strike Friday

Aid a priority for idled Vancouver Island loggers, John Horgan says

Steelworkers, Western Forest Products returning to mediation

Suspect breaks into party supply store, steals 150 pairs of cosmetic contacts

Incident happened at Pattie’s Party Palace on Rutherford Road on Thursday

Nanaimo mechanical engineer writes thief tracking program

Nanaimo Thief Tracking lets users plot and share information about thefts online

Workers at auto dealerships in Nanaimo and Victoria set up picket lines

Sixty GAIN Group detailers, technicians, service advisors went on strike Friday

Beefs & Bouquets, Dec. 12

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Wagon wheels can now be any size! B.C. community scraps 52 obsolete bylaws

They include an old bylaw regulating public morals

Students coming up with signature VIU chocolate

Blind taste testing this week part of chocolate recipe competition

UPDATE: VIU student dies, another injured in car crash on Nanaimo Lakes Road

Students part of Vancouver Island University’s automotive program

Swoop airlines adds three destinations in 2020 – Victoria, Kamloops, San Diego

Low-fair subsidiary of WestJet Airlines brings new destinations in April 2020

Navigating ‘fever phobia’: B.C. doctor gives tips on when a sick kid should get to the ER

Any temperature above 38 C is considered a fever, but not all cases warrant a trip to the hospital

Trudeau sets 2025 deadline to remove B.C. fish farms

Foes heartened by plan to transition aquaculture found in Fisheries minister mandate letter

Indigenous mother wins $20,000 racial discrimination case against Vancouver police

Vancouver Police Board ordered to pay $20,000 and create Indigenous-sensitivity training

Most Read