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Central Okanagan sees big property value increase in 2018 BC Assessment

12 January 2018, 09:07 | Melvin Schneider

Property values increased by an average of 18.29 per cent in Abbotsford from

Property values increased by an average of 18.29 per cent in Abbotsford from

It's that time of year when the annual property assessment notice envelope appears in the mail¬box or by e-mail, displaying 2018 property assessment values and classification.

Residential strata units in urban areas vary between a five per cent decrease and 20 per cent increase compared to 2017 numbers, while properties in urban areas increased by five per cent to 25 per cent.

According to BC Assessment, within Greater Vancouver new single-family assessments ranged from a five per cent drop to a 15 per cent increase.

You can appeal your property assessment if you believe information on your assessment notice is incorrect or if you believe the actual market value listed is incorrect.

Assessments are the estimate of a property's market value as of July 1, 2017 and physical condition as of October 31, 2017.

It is important to remember that assessment increases do not automatically translate into property tax increases.

Ireland thinks the high demand for condos is simply due to the fact that they are less expensive than single-family homes.

The increases seen this year were, on average, far less than those seen last year, when assessed values jumped 20-50%. The average home in Central Saanich is now valued at $699,000 compared to $614,000 last year, and the average home in North Saanich is now valued at $876,000 compared to $767,000 last year.

Osoyoos homes saw an average 17-per-cent jump in assessments this year, reflecting a stronger real estate market throughout the Okanagan region.

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"This year has been one of the first years that I've seen where the strata market has increased by a greater percentage than the single-family market", said Smith, who has worked at BC Assessment for 10 years.

On the North Shore, home values in the City of North Vancouver went up the most - by an average of 10 per cent - led by increases in Lonsdale area condo values.

Homeowners that don't agree with their assessment have the option to appeal their notice. The resulting assessment reflects the market value as of July 1.

"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 day after the assessments were released, the provincial government raised the homeowner grant to $1.65 million from $1.6 million.

BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

The highest average single-family assessment in Greater Victoria was in Oak Bay, at $1.156 million, up from $1.036 million a year ago.

Politicians, including Henry Braun, expressed frustration with the disparity in assessments, noting the city was collecting just two per cent more tax revenue from residential properties.



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