The assessed value of many residential homes in parts of the Parksville Qualicum Beach region has jumped more than 20 per cent in the last year, according to BC Assessment.
In the next few days, owners of more than 369,000 properties throughout Vancouver Island can expect to receive their 2018 assessment notices which reflect the market value as of July 1, 2017.
RELATED: BC Assessment values now available online
According to examples used by BC Assessment, a home in Parksville is assessed at $440,000 in 2018 compared to $361,000 in 2017 which is a jump of 22 per cent.
In Qualicum Beach, a property now assessed at $546,000 also went up 22 per cent from $449,000 in 2017. The rural areas saw a jump of 19 per cent in 2018 from 2017. An example property is now assessed at $524,000 in 2018, up from $440,000 in 2017.
Assessor Tina Ireland said in a BC Assessment release that the market has remained strong across the Island and across property types. The Island region includes all communities within Greater Victoria, the south Island, central Island, north Island, the west coast, northern and southern Gulf Islands and Powell River.
BC Assessments collects, monitors and analyzes property data throughout the year.
In urban areas on Vancouver Island, residential single detached homes went up 10 to 25 per cent in value, residential strata units went up 15 to 35 per cent, commercial properties went up zero to 20 per cent and light-industrial properties went up zero to 20 per cent. In rural areas, residential single detached homes went up five to 25 per cent in value, residential strata units went up zero to 30 per cent, commercial properties went up zero to 20 per cent and light-industrial properties went up zero to 20 per cent.
According to BC Assessment, Vancouver Island’s total assessments increased to $223.1 billion this year from $192.7 billion in 2017. Almost $3.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment’s website (www.bcassessment.ca) includes more details about 2018 assessements, property information and trends such as lists of 2018’s top-value residential properties across the province.
“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Ireland said.
“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 Jan. 31, for an independent review by a property assessment review panel.”
The property assessment review panels, which are independent of BC Assessment, are appointed annually by the Ministry of Municipal Affirs and Housing and typically meet between Feb. 1 and March 15 to hear formal complaints.
According to BC Assessment, 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.