BC Assessment announced Monday (Jan. 2) that 2018 property assessment notices are in the mail and heading to Vancouver Island residents. While some communities are facing jumps of up to 26 per cent, Oak Bay has one of the lowest increases in central and southern Vancouver Island.
The average assessed value of residential homes in Oak Bay in 2017 was $1,036,000 versus $1,156,000 for 2018 – a 12 per cent rise.
Oak Bay has 41 of the 100 top valued residential properties on Vancouver Island, claiming seven of the top 10 highest valued properties.
Annually, BC Assessment grades the value of homes by analyzing a number of factors including current sale prices in the neighbourhood, property size, age, quality, condition, view and location. The resulting assessment reflects the market value as of July 1.
Homeowners that don’t agree with their assessment have the option to appeal their notice.
“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,” says Assessor Tina Ireland.
“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,” adds Ireland. The Property Assessment Review Panel is independent of BC Assessment.
BC Assessment Fact SheetOver 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.Assessments are the estimate of a property’s market value as of July 1, 2017 and physical condition as of October 31, 2017. This common valuation date ensures there is an equitable property assessment base for property taxation.Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise over $7.5 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
You can find out more about the assessment process here.