(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

Transplant caregiver starts website for financial, mental health support

Beth Campbell-Duke started Transplant Rouges after her husband’s double lung transplant

Victoria ranked as one of B.C.’s worst cities to work in

High living costs and low average incomes drop Victoria from the top 10

Saanich swimmer has ribs removed, posts them on social media

Long distance swimmer endures 16th surgery ahead of next big attempt

Cyclist without helmet thrown onto windshield in Victoria

Despite damage to bike, cyclist uninjured following accident

Victoria no longer interested in hosting a downtown casino

Mayor puts forward letter that retracts interest in hosting a casino

Lawyer for Chinese exec detained by Canada says it’s ‘inconceivable’ she would flee

Meng Wanzhou was detained at the request of the U.S. during a layover at the Vancouver airport

Federal government plans examination of coerced sterilization

The Liberals have been pressed for a rapid response to recent reports on the sterilizations

Huitema, Cornelius named 2018 Canadian Youth International Players of the Year

Huitema was captain of Canada’s fourth-place team at this year’s FIFA U-17 Women’s World Cup

Canada not slowing emissions from oil and gas: environmental groups

New report released at the United Nations climate talks in Poland

Liberal Party moves Trudeau fundraiser from military base

The fundraiser is scheduled for Dec. 19, with tickets costing up to $400

Pipeline protesters arrested at B.C. university

Three protesters were arrested after TRU property allegedly vandalized with red paint

Goodale to ‘examine’ transfer of Rafferty to medium-security prison

Michael Rafferty was sentenced to life in prison in 2012 in the kidnapping, sexual assault and first-degree murder of Tori Stafford

‘Abhorrent’ condition of autistic B.C. boy shows flaws in care system: report

‘Charlie’ was underweight and ‘covered in feces’ when he was removed from his mom’s care

Minister appoints former CIRB chair to resolve Canada Post labour dispute

Postal workers engaged in weeks of rotating walkouts

Most Read