(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

PHOTOS: Thousands raised for cancer at second annual Gala for Hope

Victoria Fire Department’s fundraiser a success ahead of Ride to Conquer Cancer

Crews respond to near drowning at Thetis Lake

Man taken to hospital after calls come in of drowning in progress

Vet services for Victoria’s pets of the homeless cancelled for first time in a decade

Vets for Pets faces a volunteer shortage that’s forced the group to cancel its recent service

Wooldog among mysteries uncovered with powerful UVic microscope

Finding ‘Mutton,’ a dog lost in a Smithsonian drawer for 150 years

Optometrist pedals through depression, leads others for the cause

Ride Don’t Hide bike rides start, end at Windsor Park

Victoria Weekender: What’s happening this weekend, June 15-16

Car Free YYJ, a barber battle and an Outdoor Discovery Day

Homalco tour gives glimpse into area’s ‘People, Land, Water’

First Nation business mixes cultural components with wildlife excursions

B.C. VIEWS: When farmland protection doesn’t protect farmers

Secondary residences aren’t mansions, families tell Lana Popham

Bombers down B.C. Lions 33-23 in season opener

Former Lion Andrew Harris leads Winnipeg with 148 rushing yards

Northern B.C. family remembers murdered Indigenous woman with memorial walk

Still no closure for Ramona Wilson’s family 25 years later

Monkey spotted on late-night jaunt in Campbell River

Conservation officers also apparently looking for cougar in the area

B.C. university to offer mentorship program for former youth in care

Students using the provincial tuition waiver program will soon be able to form a community at KPU

Cyclists competing in one of the toughest bike races on the planet pass through Fernie

Divide riders looking strong as they finish first leg of 4160 km race

You might not know these B.C. records are public

Hired a lawyer to file a civil claim? Those are published online

Most Read