In a busy real estate market, the Comox Valley’s assessment values saw double-digit increases for 2022. (Black Press Media file photo)

In a busy real estate market, the Comox Valley’s assessment values saw double-digit increases for 2022. (Black Press Media file photo)

Average home assessments up more than 30 per cent in Comox Valley

Assessed value is only one factor local governments use to set tax rates

Property owners in the Comox Valley, on average, can expect higher assessments based on the July 1, 2021 value of their homes.

BC Assessment released annual assessment values for communities across the province in early January.

In general, the Comox Valley saw residential increases averaging at least 30 per cent across the region, though this depends on the area and type of residence.

According to BC Assessment’s numbers, the increase is a trend across Vancouver Island. Many communities saw percentage changes in the 20-40 per cent range.

“Vancouver Island’s real estate market has increased in value across all property types over the past year,” says Vancouver Island deputy assessor Jodie MacLennan said in a Jan. 4 news release. “Increases of 15 to 35 percent are generally evident for single-family dwellings, strata homes, industrial and commercial properties throughout the island with notably larger percent increases in both central and northern Vancouver Island communities.”

The assessment increase does not determine any local property tax increases directly but is simply used as one factor, along with the mill rate, in the equation to determine the tax. For example, in November, the Village of Cumberland put together its preliminary financial plan, with an average tax increase to property owners of 5.39 per cent anticipated for 2022, though it was still an estimate, with more factors to be incorporated. Homeowners whose assessments are higher than the average could expect to pay more than the average tax, while those below the average for the community could pay less or at least face less of an increase.

RELATED STORY: Cumberland expects average 5.39% tax hike for 2022

As far as specific communities are concerned, the City of Courtenay average assessment values increased 32 per cent for single-family residential; 25.7 per cent for strata; 10 per cent for business/other; and 15.9 per cent for light industry. The Town of Comox saw hikes of 34.6 per cent for single-family; 26.9 for strata; 14.4 per cent for business/other and 8.10 for light industry.

Cumberland’s values saw a 39 per cent increase for single-family; 28.1 per cent for strata; 18.3 for business/other; and 45.7 for light industry.

Communities in unincorporated areas are lumped in as Courtenay Rural and saw an average increase on single-family homes of 41.8 per cent; 37.20 for strata; 17.5 per cent for business/other; and 10.3 per cent for light industry.

RELATED STORY: Comox Valley homes increase by 31 per cent from last year

In the fall, the Vancouver Island Real Estate Board reported the cost of an average house in the Comox Valley had gone up 31 per cent year over year.

Homeowners can contest their annual assessment notices by filing with the Property Assessment Review Panels, which are independent of BC Assessment. The panels are appointed by the provincial government and usually meet between Feb. 1 and March 15. For more info, see https://www.bcassessment.ca/



mike.chouinard@comoxvalleyrecord.com

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