In the next few days, owners of about 382,000 properties throughout Vancouver Island, which BC Assessment includes qathet region as part of, can expect to receive their 2022 assessment notices, which reflect a significant increase in market value as of July 1, 2021.
“Vancouver Island’s real estate market has increased in value across all property types over the past year,” stated BC Assessment Vancouver Island deputy assessor Jodie MacLennan in a media release. “Increases of 15 to 35 per cent are generally evident for single-family dwellings, strata homes, industrial and commercial properties throughout the island, with notably larger per cent increases in both central and northern Vancouver Island communities.”
As BC’s provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. According to statistics from BC Assessment, single-family residential properties properties of “typical” assessed value in qathet Regional District rural areas, based on median values, went from $301,000 on July 1, 2020, to $433,000 on July 1, 2021, representing a 44 per cent increase. In the City of Powell River, the median value was $368,000 in 2020, and $525,000 in 2021, for a 43 per cent increase.
Overall, the Vancouver Island region’s total assessments increased from about $269 billion in 2021 to $343 billion this year, the release stated. More than $4.85 billion of the region’s updated assessments is from new construction, subdivisions and the 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 qathet Regional District, which includes Powell River.
BC Assessment’s website at bcassessment.ca includes more details about 2022 assessments, property information and trends such as lists of 2022’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 2022 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales and use the interactive map.
“Property owners can find a lot of valuable 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, 2021, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” stated MacLennan. “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 31, for an independent review by a property assessment review panel.”
The property assessment review panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” stated MacLennan. “As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”