Homeowners in the Comox Valley can expect to see an increase in their property value. Black Press file photo

Homeowners in the Comox Valley can expect to see an increase in their property value. Black Press file photo

Home values increase in Comox Valley municipalities

In the next few days, Vancouver Island property owners can expect to receive their 2021 assessment notices, which reflect market value as of July 1, 2020.

“Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale,” Vancouver Island Assessor Tina Ireland said in a Jan. 4 news release. “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.”

The average assessed value for a single family home in Courtenay is $488,000, a seven per cent jump from the 2020 value of $456,000.

Comox and Cumberland each had a six per cent increase from 2020 to 2021. In Comox, the average house value jumped from $526,000 to $555,000. In Cumberland, house values went from $493,000 to $524,000.

The value of strata properties in Courtenay increased from $307,000 in 2020 to $319,000 in the 2021 assessment period.

Property owners who feel their assessment does not reflect market value as of July 1, 2020, or who see incorrect information on their notice, can contact BC Assessment.

“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 Feb. 1st, for an independent review by a Property Assessment Review Panel,” Ireland said.

The panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between Feb. 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,” Ireland said. “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-valueBC (1-866-825-8322) or online at bcassessment.ca. During January, hours of operation are 8:30 a.m. to 5 p.m., Monday to Friday.

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