House values have gone up in the Cowichan Valley according to BC Assessment. (File photo)

Assessments show house prices up in the Cowichan Valley

BC Assessment mails out annual property information

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.

RELATED STORY: PROPERTY VALUES RELEASED BY BC ASSESSMENT

“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.

RELATED STORY: PROPERTY ASSESSMENTS TO RISE AGAIN ON VANCOUVER ISLAND

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.



robert.barron@cowichanvalleycitizen.com

Like us on Facebook and follow us on Twitter

Just Posted

Polish your language skills with The Foreigner

It’s all gibberish, but Charlie Baker’s personality receives a revamp in Chemainus Theatre production

In support of local business

Chemainus Business Improvement Association launches campaign

Academic honours for Westholme volleyball siblings

VIU standouts Doug and Danielle Groenendijk gain further recognition

Easter Fun Day

Kids fill their baskets with treats Saturday at Fuller Lake Park

Mad scramble for Easter treats

Crofton Easter Egg Hunt brings out hordes of kids and massive bunny chases

VIDEO: ‘Alarm bells’ raised by footage allegedly from B.C. pig farm, SPCA says

PETA released video Wednesday showing dead and injured piglets next to nursing piglets

VIDEO: Driver in bizarre hit-and-run at B.C. car dealership turns herself in

Police believe alcohol was a factor in incident causing estimated $15,000 in damages

Female real estate agents warned of suspicious man in Metro Vancouver

The man requests to see homes alone with the female agent, police say

Can you put your phone down for Mother’s Day?

#DiningMode campaign encourages people to leave the phone alone while eating

Horgan heckled as gas prices sit at record high, could go up more

Premier John Horgan blames refiners, not taxes

SPCA investigating after newborn kittens found in Vancouver dumpster

The kittens were found suffering from hypothermia and dehydration

‘B.C. cannot wait for action’: Top doctor urges province to decriminalize illicit drugs

Dr. Bonnie Henry says current approach in ‘war on drugs’ has criminalized and stigmatized drug users

B.C.’s largest Vaisakhi festival target of threatening Facebook post: Surrey RCMP

Police say they are investigating the posts on Facebook, after local MLA forwarded screenshots

Murder on B.C. property didn’t need to be disclosed before sale, court rules

Buyer had tried to break contract after learning a man with ties to crime had been murdered there

Most Read