Homeowners in Greater Victoria will see their annual property assessments increase by eight to 20 per cent as assessment notices start finding their way to mailboxes this week.
“While the current real estate market has been trending downward, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, when the market was performing higher.” In the central Island region, Lake Cowichan saw the largest increase year-over-year as the typical assessment increased 23 per cent to $642,000, while in the north Island region Sayward saw typical values increase by 28 per cent $393,000.
B.C. Assessment said changes in property value reflect movement in the market and can vary greatly from property to property. Last year, the threshold was $1.975 million, meaning homeowners in Greater Victoria whose property was assessed below that figure could qualify for up to $570 for the basic home owner grant, and as much as $845 for homeowners who are 65 years or older.“As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes,” she said.
Property assessment review panels, which are independent of B.C. Assessment, are appointed annually by the province and meet between February and March 15 to hear complaints.The most highly assessed residential property in the capital region was once again James Island, at $61.24 million, a jump from the $54.7 million it was valued at last year. James Island ranks third in the provincial role, while a home at 3085 Point Grey Rd. in Vancouver tops the provincial list at $74.09 million.
I was surprised to see the Gulf Islands still selling pretty good - maybe American $$? Low crime, sense of community, great connectivity with upgrades coming. Living on an island comes with challenges, but far outweighed by the fact, you live in paradise. RealEstate