What was your property worth on July 1? It matters for 2017

VICTORIA, Dec. 6, 2016 /CNW/ - The Greater Victoria real estate market has seen increased activity in 2016 with residential and commercial values showing significant increases.   2017 property assessment values will reflect what was happening around BC Assessment's uniform valuation date of July 1.

"The preliminary market analysis for 2017 assessments indicates significant increases over the 2016 property assessment year," says Acting Assessor Christopher Whyte. "Increases of 10 to 40 per cent will be typical for single-family homes in Victoria, Saanich, Sidney and Oak Bay. Typical strata residential increases will be in the five to 25 per cent range."

Commercial and industrial properties throughout the Greater Victoria area will also see increases in the five to 15 per cent range.  Commercial properties being purchased for eventual redevelopment will often exceed these ranges.

July 1st of each year marks the date BC Assessment estimates the annual market value of properties in B.C.  BC Assessment's professional appraisers analyze current sales in the local area, as well as the property's size, age, quality, condition, view and location.  Using a single common date ensures your property's assessed value is fair, equitable and uniform compared to the other properties in your community and across B.C.

"It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes," adds Whyte. "It all depends how your actual property assessment changes compared to the average change in your community."

All British Columbia's property owners will receive their annual property assessment notices in early January, 2017. During December, BC Assessment is providing courtesy notification letters to property owners whose assessments are increasing significantly more than the typical range of change.

BC Assessment's website at bcassessment.ca will be updated on January 3rd, 2017 with access to 2017 property assessment information including assessment details for all properties via our free, online e-valueBC service, a variety of statistics, and extensive lists of the top valued properties, both regionally and province-wide.  

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SOURCE BC Assessment

Image with caption: "BC Assessment (CNW Group/BC Assessment)". Image available at: http://photos.newswire.ca/images/download/20161206_C8670_PHOTO_EN_830731.jpg

For further information: Media contact: Christopher Whyte, Assessor (Acting), Vancouver Island Assessment Region, BC Assessment, Tel. 1.866.825.8322 Ext. 06242 / Email: christopher.whyte@bcassessment.ca


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