Vancouver Island Region 2017 Property Assessment Notices in the Mail

 

VICTORIA, Jan. 3, 2017 /CNW/ - In the next few days, owners of more than 360,000 properties throughout the Vancouver Island region can expect to receive their 2017 assessment notices which reflect market value as of July 1, 2016.

"The majority of residential home assessments within the region are shifting between +5% to +25% compared to last year's assessments," says Regional Assessor Tina Ireland. "A robust real estate market over the past year resulted in assessment increases for many properties in the Vancouver Island region, most notably those in the Greater Victoria areas which have indicated increases up to 40%."

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Vancouver Island region's estimated typical percentage changes to 2017 assessment values by property type compared to July, 2016 (note that property assessments may vary by individual jurisdiction/municipality within the region).

Property Type

URBAN areas

of Vancouver Island Region

2017 Assessment

Typical % Changes in Value

(as of July 1, 2016)

RURAL areas

of Vancouver Island Region

2017 Assessment

Typical % Changes in Value

(as of July 1, 2016)

Residential Single Detached Homes

5% to 40%

-5% to 25%

Residential Strata Units

(e.g. condominiums)

5% to 30%

5% to 15%

Commercial

5% to 15%

0% to 15%

Light Industrial

0% to 10%

0% to 10%

 

Overall, the Vancouver Island region's total assessments increased from $170.15 billion in 2016 to $193.21 billion this year. A total of almost $2.91 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The Vancouver Island assessment region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.

The summary below provides estimates of typical 2017 versus 2016 assessed values of residential homes throughout the region. These examples demonstrate market trends for single family residential properties by geographic area: 

Jurisdiction

2017 Assessment Roll

(market value as of

July 1, 2016)

2016 Assessment Roll

(market value as of

July 1, 2015)


Capital Region / Greater Victoria

City of Colwood

$500,000

$435,700

City of Victoria

$679,000

$547,200

District of Central Saanich

$614,000

$527,500

Township of Esquimalt

$556,000

$483,000

District of Saanich (SD61)

$653,000

$544,500

District of Saanich (SD63)

$836,000

$686,800

District of Oak Bay

$1,036,000

$785,900

City of Langford

$456,000

$420,200

District of North Saanich

$767,000

$663,000

District of Metchosin

$574,000

$525,700

District of Sooke

$394,000

$362,300

District of Highlands

$564,000

$517,800

Town of View Royal

$604,000

$509,200

Town of Sidney

$528,000

$453,600

Victoria Rural (762)

$435,000

$406,600

Gulf Islands Rural (763)

$634,000

$555,500

Gulf Islands Rural (764)

$426,000

$385,500




Cowichan Valley

Town of Ladysmith

$336,000

$299,300

Town of Lake Cowichan

$228,000

$210,400

City of Duncan

$267,000

$254,200

District of North Cowichan

$341,000

$320,200

Cowichan Rural(765)

$411,000

$384,300

Lake Cowichan Rural(766)

$321,000

$299,500




Nanaimo

District of Lantzville

$442,000

$404,800

City of Nanaimo

$385,000

$336,200

Nanaimo Rural

$335,000

$311,100




Oceanside

Town of Qualicum Beach

$449,000

$396,100

City of Parksville

$361,000

$323,200

Oceanside Rural

$440,000

$399,300




West Coast

District of Tofino

$576,000

$509,400

Town of Ucluelet

$281,000

$272,000

City of Port Alberni

$180,000

$175,100

Alberni Clayoquot Regional District

$317,000

$301,400




Comox Valley

City of Courtenay

$360,000

$329,900

Town of Comox

$392,000

$358,500

Village of Cumberland

$302,000

$279,800

Comox Valley Regional District- Rural Areas(771)

$395,000

$366,500




North Island

City of Campbell River

$303,000

$291,200

Campbell River Rural

$312,000

$298,300

District of Port Hardy

$189,000

$190,900

Village of Port Alice

$136,000

$153,000

Town of Port McNeil

$215,000

$216,600

Village of Gold River

$145,000

$140,000

Village of Tahsis

$62,000

$57,200

Village of Alert Bay

$112,000

$122,500

Village of Sayward

$131,000

$114,600

Village of Zeballos

$89,000

$86,000

Port Hardy Rural(785)

$148,000

$145,900

West Coast Rural(784)

$133,000

$131,900




Powell River

Powell River Regional District – Rural Areas(747)

$217,000

$205,800

City of Powell River

$234,000

$211,900

 

BC Assessment's website at bcassessment.ca includes more details about 2017 assessments, property information and trends such as lists of 2017's top valued residential properties across the province. The website also provides self-service access to the free online e-valueBC service that allows anyone to search, check and compare 2017 property assessments anywhere in the province.

"Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2016 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Ireland.

"It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes," adds Ireland. "It all depends how your actual property assessment changes compared to the average change in your community.  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 31st, for an independent review by a Property Assessment Review Panel."

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.

The Vancouver Island region BC Assessment offices are located at:

Victoria Office
#102-3350 Douglas Street
Victoria, BC V8Z 7X9

Nanaimo Office
#300-125 Wallace Street
Nanaimo, BC V9R 5B2

Courtenay Office
2488  Idiens Way
Courtenay, BC V9N 9B5

During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.

MEDIA BACKGROUNDER
January 3, 2017

Facts on B.C. Property Assessments and the 2017 Assessment Roll

  • Total number of properties on the 2017 roll is 2,017,364, an approximate 1% increase from 2016.

  • Total value of real estate on the 2017 roll is $1,667,918,048,627 ($1.67 trillion), an increase of over 25% from 2016.

  • Total amount of 'non-market change', including new construction, rezonings and subdivisions is approximately $25.2 billion, an increase of almost 24% from the 2016 roll of $20.4 billion.

  • In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $ 1,298,409,769,982 of the value on the total provincial roll.

  • Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

  • Assessments are the estimate of a property's market value as of July 1, 2016 and physical condition as of October 31, 2016. This common valuation date ensures there is an equitable property assessment base for property taxation.

  • Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

  • Real estate sales determine a property's value which is reported annually by BC Assessment.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.

  • BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise over $7 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.

  • BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and click on the e-valueBC link.  For more information on the 2017 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.

 

SOURCE BC Assessment

For further information: Media contacts: Capital Region / Greater Victoria: Tina Ireland, Assessor, BC Assessment , Tel. 1.866.825.8322 Ext. 01236 Email: tina.ireland@bcassessment.ca; Central & North Island, West Coast, Northern & Southern Gulf Islands, Powell River: Bill Dawson, Deputy Assessor, BC Assessment, Tel. 1.866.825.8322 Ext. 04251 Email: bill.dawson@bcassessment.ca; Christopher Whyte, Deputy Assessor, BC Assessment, Tel. 1.866.825.8322 Ext. 06242 Email: christopher.whyte@bcassessment.ca

RELATED LINKS
http://www.bcassessment.bc.ca/about/index.asp

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