Parksville property owners are now receiving their 2024 assessment notices from the BC Assessment Authority.
2024 property assessments reflect market value as of July 1, 2023.
The average increase in property values for your class of property is shown on your assessment notice, according to a news release by the City of Parksville.
“We encourage property owners to visit BC Assessment Authority to search your property, compare assessments and review recent sales of nearby properties to see if your assessment is reasonable,” the city said in a news release.
The deadline to appeal 2024 assessments through BC Assessment is Jan. 31.
“It is important to understand changes in property assessments do not automatically translate into a similar change in property taxes,” the release said. “If your assessment percentage increase is the same as the average residential increase for the City of Parksville, then the city’s portion of your property taxes will likely rise by only the amount of the tax increase set by Council following financial plan deliberation meetings in the spring.”
For the City of Parksville, the 2023 typical assessed value (on July 1, 2022), of a single-family residential property was $750,000. The 2024 typical assessed value (on July 1, 2023) is 743,000, a decrease of one per cent.
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The Province of BC homeowner grant for 2024 for eligible properties in northern or rural areas (outside Metro Vancouver, Fraser Valley and Capital Regional districts) is as follows:
• Up to $770 for the basic homeowner grant;
• Up to $1,045 where the homeowner is 65 years or older or the homeowner is a person with a disability.
In May, after receiving their municipal property tax notice, eligible residents should apply online for the homeowner grant on the BC Government website. Homeowners with more complex situations can get help by phone at 1-800-663-7867 or from a ServiceBC Centre. Assessment roll and jurisdiction numbers are needed to apply.
Homeowners may also be eligible for property tax deferment if 55 or older or financially supporting a dependent child.
Contact BC Assessment at 1-866-825-8322 (Monday to Friday, 8:30 a.m. to 5 p.m.) regarding assessment questions.
— NEWS Staff, submitted