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Property values up slightly in Comox Valley
Overall property values increased ever so slightly last year in the Comox Valley, though some areas took a bit of a hit, according to the 2012 assessment roll.
The assessment pegs the median value of a single family dwelling in Courtenay at $318,500 — as of July 1, 2011 — marking about a $1,500 increase from the previous year. Comox houses are valued at $336,800, $11,800 more than 2011, while single family units in Cumberland have dropped from $259,500 to $255,800.
The assessment suggests the value of rural area homes have also dropped slightly. Houses less than two acres are worth $352,600 — $10,400 less than the 2011 assessment — and those more than two acres are valued at $470,700, a drop of $16,300.
"The total range of value shift was between minus-10 and plus-10 per cent," said Jim Stewart, deputy assessor at BC Assessment for the Vancouver Island region. "The large majority of those figures are very close to zero. This year was one of the flatter years compared to past years where things have changed significantly."
Stewart said the Valley experienced a total change to its residential roll of just less than half a per cent in the positive direction, including market and non-market change. The latter includes new developments such as Costco, as well as subdivisions, rezoning and anything that changes value.
"That (non-market changes) added 1.31 per cent to the total residential roll," said Stewart, noting the market shift for single family dwellings was minus-.55 per cent. "This year, the figures are very similar no matter how you look at it."
In Class 6 (business and other), there was an overall shift in the assessment roll of 6.37 per cent in the Valley. Changes due to non-market factors was 5.12 per cent, and the market shift was up 1.24 per cent.
"What we're seeing there is a very stable commercial market," Stewart said.
Overall, the Valley’s taxable residential assessment roll exceeds $9.7 billion this year. A total of almost $127,200,000 in new residential value has been added.
The taxable commercial assessment roll is $899,775,601, with almost $9.4 million in new commercial value added.
"The Comox Valley has fared slightly better than most other market areas on Vancouver Island, including Powell River," Stewart said. "Where most areas were overall slightly down or flat, the Comox Valley was up very marginally."
More than 34,000 property owners in the Comox Valley can expect to receive their 2012 assessment notices in the next few days. Those who feel their assessment does not reflect market value or who see incorrect information are advised to contact the office on their notice as soon as possible.
Those still concerned after speaking to an appraiser can submit an appeal by Jan. 31.
For more information check www.bcassessment.ca.
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