Parksville property owners will soon receive their 2023 assessment notices from the BC Assessment Authority.
2023 property assessments reflect a property’s market value as of July 1, 2022.
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.
The city said it encourages property owners to visit BC Assessment Authority to search their property, compare assessments and review recent sales of nearby properties to see if the assessment is reasonable.
“It is important to understand changes in property assessments do not automatically translate into a similar change in property taxes,” the release read. “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 2022 typical assessed value (on July 1, 2021), of a single-family residential property was $677,000. The 2023 typical assessed value (on July 1, 2022) is $750,000, an increase of 11 per cent, according to the release.
The deadline to appeal your 2023 assessment through BC Assessment is Jan. 31, 2023.
READ MORE: Public hearing set for Parksville zoning and development amendment bylaw
The Province of B.C. homeowner grant for 2023 for 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.
Should you have questions about your assessment, contact BC Assessment at 1-866-825-8322 (Monday to Friday, 8:30 a.m. to 5 p.m.)
— NEWS Staff, submitted
