With Vancouver Island 2019 property assessments notices posted, owners in the Comox Valley may see a significant increase in their property value.
According to BC Assessment, the majority of residential homeowners across Vancouver Island can expect an increase up to 20 per cent as compared to last year’s assessment.
Vancouver Island assessor Tina Ireland said in a release all markets were relatively strong as of July 1, 2018 (the date which is reflected in the market value), including single family, condominiums and commercial properties.
“Increases in assessments are generally lower in the south part of the Island and higher as you move to the central or northern areas.”
In the Comox Valley, Courtenay single-family home property owners can expect an average increase of 17 per cent (2019 average value is $450,000, up from 2018’s $385,000). In Comox, the increase is the same as Courtenay’s with average assessment values for 2019 sitting at $517,000, up from $441,000 in 2018.
Cumberland saw the largest increase in average assessment values, up 27 per cent from 2018. The average assessed value was $360,000; in 2019 the number increased to $460,000.
As for strata residential properties, the 2019 assessment increase for those within the City of Courtenay was 18 per cent (up from $240,400 to $283,900). Information for other Valley municipalities was unavailable.
Overall, Vancouver Island’s total assessments increased from about $222 billion in 2018 to $246.9 billion this year.
Ireland added it is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes.
“How your assessment changes relative to the average change in your community is what may affect your property taxes.”
If a property owner would like to appeal their assessment, they must submit an appeal by Jan. 31 for an independent review.
To find a property assessment, visit www.bcassessment.ca