In the next few days, owners of properties in the Powell River region can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
According to BC Assessment, in City of Powell River, a typical assessed value, or median assessed value, has increased $10,000 from July 1, 2018, to July 1, 2019. In 2018, the median value was $327,000, which grew to $337,000 in 2019, for a three per cent increase.
In qathet Regional District, the median value has increased $20,000, for an eight per cent increase, year-over-year. On July 1, 2018, the median value was $257,000, rising to $277,000 for the July 1, 2019 period.
“The market has stabilized in most areas of Vancouver Island this year,” said Vancouver Island assessor Tina Ireland.
Powell River is part of the Vancouver Island region.
“In the south part of Vancouver Island, the majority of residential property values are moving minus five to plus five per cent, while up-island the value increases are a little higher,” said Ireland. “The commercial and industrial markets are generally showing increases over last year’s assessments.”
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Vancouver Island’s total assessments increased from about $246 billion in the 2019 assessments to $255 billion this year. A total of almost $4.14 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.
BC Assessment's website atbcassessment.caincludes more details about 2020 assessments, property information and trends such as lists of 2020’s top valued residential properties across the province. This year’s assessments are already posted online.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 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, said Ireland.
“You get something that looks a lot like your assessment notice,” she said. “There’s even more information if people take a moment or two to create an account with BC Assessment.”
New for 2020, the website is fully mobile-friendly.
“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, 2019, or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” said 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 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 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 changes in property assessments do not automatically translate into a corresponding change in property taxes,” said Ireland. “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.”
Property owners can contact BC Assessment toll-free at 1.866.825.8322) or online atbcassessment.ca. During the month of January, office hours are 8:30 am to 5 pm, Monday to Friday.