Assessed home values soften in much of Comox Valley
The latest assessment roll indicates housing values have dipped in Courtenay and Comox but increased slightly in Cumberland.
"Most homes in the Comox Valley are worth less in value compared to last year’s assessment roll,” Vancouver Island regional acting assessor Bill Dawson said in a news release. “Most home owners in the Comox Valley will see modest changes in the minus-10 per cent to five-per-cent range.”
The 2014 assessment roll pegs the value of a single-family dwelling in Courtenay at $314,300 as of July 1, a $4,700 decrease from the previous year. Comox houses are valued at $319,000, an $11,000 drop from 2013.
In Cumberland, the value of single-family houses has jumped from $252,000 to $256,200 over the past year.
Strata condominiums in Courtenay and Comox are worth a little less, as are rural area dwellings.
Overall, the Valley’s assessment roll decreased from $9.7 billion last year to $9.6 billion this year. The overall 2014 roll value is slightly lower despite an increase of almost $117,500,000 from subdivisions, rezoning and new construction.
Provincewide, property assessments are up slightly.
The exceptions are the Okanagan and Vancouver Island, where average residential values have dropped. The biggest increases were in the Northwest and Peace River regions.
Property owners who feel their assessment does not reflect market value as of July 1 or who spot incorrect information on their notice can contact BC Assessment at 1-866-825-8322 or by clicking CONNECT at www.bcassessment.ca.
“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," Dawson said.
Panels meet between Feb. 1 and March 15 to hear formal complaints.
The Courtenay assessment office is located at 2488 Idiens Way. During January, office hours are 8:30 a.m. to 5 p.m. Monday to Friday.