Property values for single-family homes are up by approximately 14 per cent in the Municipality of North Cowichan, according to the latest information released by BC Assessments.
That means the average price of a house in North Cowichan has risen from $375,000 in 2018 to $430,000 in 2019.
Homeowners in the City of Duncan are also looking at a 12 per cent increase of their property values from last year, from $310,000 to $349,000, while the Town of Lake Cowichan has seen a 16 per cent increase, from $280,000 to $327,000, in the value of the average home.
The owners of more than 371,000 properties throughout Vancouver Island can expect to receive their 2019 assessment notices, which reflect market value as of July 1, 2018, from BC Assessment over the next few days.
“The majority of residential home owners within the region can expect an increase up to 20 per cent as compared to last year’s assessment,” said Vancouver Island assessor Tina Ireland.
“All markets were relatively strong as of July 1, 2018, including single family, condominiums, and commercial properties.”
Overall, Vancouver Island’s total assessments increased from about $222 billion in 2018 to $246.9 billion this year, according to information found on BC Assessment’s website at bcassessment.ca.
A total of almost $3.9 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment’s website includes more details about 2019 assessments, property information and trends such as lists of 2019’s top-valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2019 property assessments for anywhere in the province.
B.C. Assessment can also be reached at 1-866-825-8322.
“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, 2018, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Ireland said.
“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 Jan. 31 for an independent review by a property assessment review panel.”
Ireland said it’s important for property owners to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes.
“How your assessment changes relative to the average change in your community is what may affect your property taxes,” she said.
On the Island, the greatest increase in assessed value was seen in Sayward, where the average single-family home increased in value 44 per cent to $205,100, while Tahsis saw a 30 per cent jump to $99,600 and Cumberland rose 27 per cent to $460,000.