Vancouver Island 2018 Property Assessment Notices in the Mail

VICTORIA, Jan. 2, 2018 /CNW/ - In the next few days, owners of more than 369,000 properties throughout Vancouver Island can expect to receive their 2018 assessment notices which reflect market value as of July 1, 2017.

"The majority of residential home owners within the region can expect an increase in their assessment in the 10% to 25% range as compared to last year's assessment," says Assessor Tina Ireland. "The market has remained strong across the island and across  property types.  The residential strata market has been particularly robust with assessments increasing 15% to 35% in many areas." 

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Vancouver Island region's estimated percentage changes to 2018 assessment values by property type compared to 2017 (note that property assessments may vary by municipality within the region).

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.

The summary below provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area: 

BC Assessment's website at 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 service 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," says Ireland.

"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," adds Ireland.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

"It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes," adds Ireland. "How your assessment changes relative to the average change in your community is what may affect your property taxes." 

The Vancouver Island BC Assessment offices are located at:

Victoria Office
#102-3350 Douglas Street
Victoria, BC V8Z 7X9

Nanaimo Office
#300-125 Wallace Street
Nanaimo, BC V9R 5B2

Courtenay Office
2488 Idiens Way
Courtenay, BC V9N 9B5

During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca

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MEDIA BACKGROUNDER
January 2, 2018                                                   

Facts on B.C. Property Assessments and the 2018 Assessment Roll

• Total number of properties on the 2018 Roll is 2,044,482, an approximate 1.17% increase from 2017.
• Total value of real estate on the 2018 Roll is over $1.86 trillion, an increase of nearly 12% from 2017.
• Total amount of 'non-market change', including new construction, rezonings and subdivisions is approximately $31.6 billion, an increase of almost 28% from the 2017 Roll of $24.7 billion.
• In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $1,445,509,108,324 of the value on the total provincial roll.
• Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
• Assessments are the estimate of a property's market value as of July 1, 2017 and physical condition as of October 31, 2017. This common valuation date ensures there is an equitable property assessment base for property taxation.
• Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
• Real estate sales determine a property's value which is reported annually by BC Assessment.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
• BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise over $7.5 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
• BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use "Find your property assessment".  For more information on the 2018 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.

SOURCE BC Assessment