Powell River homeowners will be receiving their 2021 property assessments in the mail, which reflect market value as of July 1, 2020.
According to statistics released by BC Assessment, in qathet Regional District electoral areas, the 2021 typical assessed value is $301,000, compared to the 2020 figure of $277,000. This represents an increase of nine per cent.
In City of Powell River, the typical 2021 assessment is $368,000, up from $337,000 in 2020. This also represents an increase of nine per cent.
BC Assessment states that all data is calculated on median values.
The Powell River region is considered part of the Vancouver Island region by BC Assessment. In a media release, Vancouver Island assessor Tina Ireland stated that home values across Vancouver Island have appreciated this year due to strong demand, combined with limited inventory for sale.
“For most communities, the assessed values of single-family homes are up moderately about five to 10 per cent, while residential stratas are generally showing less of an increase,” stated Ireland.
Overall, Vancouver Island’s total assessments increased from about $255 billion in 2020 to $269 billion in 2021. Nearly $3.5 billion of the region’s updated assessments are from new construction, subdivisions and rezoning of properties, according to BC Assessment.
Homeowners can visit BC Assessment’s website at bcassessment.ca. The website includes more details about 2021 assessments, property information and trends such as lists of 2021’s top valued residential properties across the province.
The media release states that the website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2021 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, to store and 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 their property assessment does not reflect market value as of July 1, 2020, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” stated 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 February 1, for an independent review by a property assessment review panel.”
Ireland stated that it is important to understand changes in property assessment do not automatically translate into a corresponding change in property taxes.
“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,” stated Ireland.
According to the media release, changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. The release stated that when estimating a property’s market value, BC Assessment professional appraisers analyze current sales in the area, as well as considering other characteristics, such as size, age, quality, condition, view and location.
The release stated that local governments and other taxing authorities are responsible for property taxation, and after determining their own budget needs this spring, will calculate property taxes based on the assessment roll for their jurisdiction.