News

Property values decline across Saanich

Most people across Greater Victoria and Saanich have seen a decrease in the assessed value of their home, but that doesn't automatically translate into lower property taxes.

The average Saanich residential property went down about three per cent in value, as assessed by B.C. Assessment in its annual publication of the value of every property in the province.

Saanich finance director Valla Tinney said property assessment and tax rates are correlated, but year-to-year changes don’t directly drive tax rates up or down.

Like every municipality, Saanich calculates its budgets to offer services like police, fire and public works, and then determines its property tax rate – after input from council politicians and the public – based on the assessed value of properties in the municipality.

Saanich has about $25 billion worth of properties to tax, about $600 million less than last year. It had modest increases to its residential base with 72 new units on the assessment roll, and it lost eight properties designated as farmland.

Mayor Frank Leonard said an individual's property tax will only change noticeably if their change in property value veered significantly from the average. If the assessment went down by 10 per cent, he said, the owner will pay less than the average tax increase.

“The assessment determines your share of the pie, it doesn't make the pie bigger or smaller,” Leonard said. “If assessments go up or down the same, you have the same share of the pie.”

Saanich department budgets will go to council in February and tax rates are set in April or May.

“Last year was a 3.25 per cent tax increase. We definitely don't want to go higher than that,” Leonard said.

Did you know?

-Average house value in Saanich (SD 61 area) for 2013: $497,000 ($515,000 in 2012)

-Average house value in Saanich (SD 63 area) for 2013: $683,000 ($705,000 in 2012)

-Saanich total residential units in 2013: 38,453 (38,362 in 2012)

-Saanich total farm properties in 2013: 398 (406 in 2012)

editor@saanichnews.com

 

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

High risk offender wanted B.C.-wide, say Vancouver Police
 
UPDATE: B.C. legislature to get security scanner
 
Soldier killed in Parliament Hill siege
Harvest fan
 
Flu shot-or-mask rule upheld by arbitrator
 
VIDEO: Witnesses describe scene at Parliament Hill; Raw footage of Ottawa shootings
Alberni Remembrance Day services draw hundreds
 
H1N1 flu returns, targets younger people
 
Town OCP passes

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 24 edition online now. Browse the archives.