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12 January 2018, 09:07 | Joann Bryant
Property values drop in north, rise in the south as 2018 assessments mailed out
BC Assessment released its property assessments for 2018 on Tuesday, and Prince George residents can expect to see an increase in the assessed value of their homes. The Lululemon founder's waterfront property is assessed at $78.8 million this year. This is the third-largest increase in the Greater Victoria area, behind Langford and Metchosin, where the average home price jumped 21 and 25 per cent, respectively.
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.
In the case of some Marpole or Cambie Corridor bungalows, the reduced assessment and taxes may be less than half the assessed value and taxes of the property next door.
Annually, BC Assessment grades the value of homes by analyzing a number of factors including current sale prices in the neighbourhood, property size, age, quality, condition, view and location.
This small increase follows last year's record setting assessment, where Delta homeowners saw property values increase by an average of 42 per cent across the community. 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.
This year, strata units have seen the largest increases, with assessments jumping anywhere between 10 and 40 per cent. Condos jumped by 25 to 35 per cent, while most townhome values increased between 20 and 30 per cent.
Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year, according to B.C. Assessment.
The home with the highest assessed home value was $1,857,000.
Homeowners that don't agree with their assessment have the option to appeal their notice.
Residents who disagree with their assessment are encouraged to contact BC Assessment and if they remain dissatisfied with the result, they can file an appeal by January 31 for an independent review.
If your property value goes up significantly more than the average increase in your municipality, your tax bill will see a significant hike as well.
"The dream of having a detached single-family home maybe as your first house will have to change now, either looking to a townhouse or a condo, " said realtor Tony Joe.
The review panels are independent of BC Assessment and are appointed annually by the provincial government.
Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.
Real estate assessments for commercial and industrial property on the North Shore also rose sharply this year.
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.
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