Property owners will receive their assessment notices in the next few days and Parksville Qualicum Beach homeowners can expect an increase in the value of their homes.
B.C. Assessment provided estimates of typical 2016 versus 2015 assessed values of single family residential detached homes throughout Vancouver Island in a news release on Monday. These examples demonstrate market trends by geographic area, according to the news release. Local governments use these assessments for property tax purposes.
B.C. Assessment suggests a typical single family home in Parksville jumped 5.7 per cent in value in the last year to $323,200. That was the same percentage jump for what the assessment authority calls Oceanside Rural, which now sits at $399,300.
The typical family home in Qualicum Beach jumped five per cent to $396,100.
“Those who feel that their property assessment does not reflect market value as of July 1, 2015 or see incorrect information on their notice, should contact B.C. Assessment as indicated on their notice as soon as possible in January,” said B.C. Assessment’s Reuben Danakody. “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 February 1, for an independent review by a Property Assessment Review Panel.”
The Island community with the highest typical assessment this year is Oak Bay at $795,900. The lowest typical assessment for a single detached home on Vancouver Island was in Tahsis at $57,200.
Here are some 2016 assessment numbers for mid-Island communities: Nanaimo $336,200, Lantzville $404,800, Port Alberni $175,100, Uclulet $272,000, Tofino $509,400, Courtenay $329,900, Comox $358,000 and Cumberland $279,800. All of those communities saw increases in their typical-home assessments year over year, except Port Alberni ($175,700 last year).
BC Assessment has launched a newly-enhanced website at bcassessment.ca that includes more details about 2016 assessments, property information and trends such as lists of 2016’s top most valuable residential properties across the province. The website also provides self-service access to the free online e-valueBC service that allows anyone to search, check and compare 2016 property assessments anywhere in the province.