Assessment values in North Cowichan for 2018 rose by 17 per cent from a year ago for single-family residential properties, a trend in keeping with the increases seen throughout the region.
“The majority of residential home owners within the region can expect an increase in their assessment in the 10 per cent to 25 per cent range as compared to last year’s assessment,” noted Assessor Tina Ireland of BC Assessment. “The market has remained strong across the Island and across property types. The residential strata market has been particularly robust with assessments increasing 15 per cent to 35 per cent in many areas.”
The 2018 average assessed value for residential homes, with a valuation date of July 1, 2017, in North Cowichan is $399,000. That compares to the 2017 average assessed value as of July 1, 2016 of $341,000.
Overall, Vancouver Island’s total assessments increased from $192.7 billion in 2017 to $223.1 billion this year. A total of almost $3.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.
BC Assessment collects, monitors and analyzes property data throughout the year.
The BC Assessment website at www.bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search that allows anyone to search, check and compare 2018 property assessments for 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, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Ireland indicated.
“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,” she added.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Ireland pointed out. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
People shouldn’t sweat their assessment increases too much, advises Chemainus realtor Debbie Simmonds, for another reason besides possible tax implications.
“They have no relevance whatsoever to what the fair market value of a person’s property is,” Simmonds stressed.