Property assessments up more than 35% for some BC homeowners

Property assessments up more than 35% for some BC homeowners

Property assessments up more than 35% for some BC homeowners

In the next few days, owners of more than 369,000 properties throughout Vancouver Island can expect to receive their 2018 assessment notices which reflect the market value as of July 1, 2017.

Last year Osoyoos saw a 9.6-per-cent increase.

The most valuable assessed strata unit is 2101-83 Saghalie Rd., which was assessed at $8.1 million as of July 1, 2017.

For example, if your home's property assessment increased by 10 per cent this year and properties in the City of Vancouver increased by an average of 20 per cent, you may in fact pay less property taxes, according to Smith.

Real estate sales determine a property's value which is reported annually by BC Assessment.

Assessment notices show the estimate of a property's market value as of July 1, 2017, and its physical condition as of October 31, 2017.

Those homeowners whose homes have increased in value are not necessarily facing a hike in property taxes.

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"It could be an affordability thing, as that product is generally more affordable than a single-family home, or it could be a desire for some people to live in a strata".

This small increase follows last year's record setting assessment, where Delta homeowners saw property values increase by an average of 42 per cent across the community.

"The western communities increased, Sidney increased, and those jurisdictions previous year didn't experience the same kind of volume", said Deputy Assessor Gerry Marolla.

Most strata units have lower values than detached homes and the larger percentage changes, therefore, don't translate into the kind of massive dollar-value increases seen in recent years, according to BC Assessment deputy assessor Brian Smith.

Across the Fraser Valley, residential strata units have seen between 10 per cent and 40 per cent increases in value over the past year.

The values posted this week reflect market value as of July 1, 2017.

Local residents can expect their assessment notices within the coming week.

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"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a property assessment review panel".

Across the Fraser Valley, communities are seeing an average increase of 16 per cent for residential properties.

"The dream of having a detached single-family home maybe as your first house will have to change now, either looking to a townhouse or a condo, " said realtor Tony Joe.

The highest average single-family assessment in Greater Victoria was in Oak Bay, at $1.156 million, up from $1.036 million a year ago.

BC Assessments collects, monitors and analyzes property data throughout the year.

BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

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