Property values increase more than 20 per cent in Parksville Qualicum Beach

Property values increase more than 20 per cent in Parksville Qualicum Beach

Property values increase more than 20 per cent in Parksville Qualicum Beach

Northerners can expect their 2018 assessment notices in the mail this week, the agency says, with homeowners in Fort St. John and Taylor seeing decreases between four and five per cent, while homeowners in the Northern Rockies can expect a drop in the area of eight per cent.

"This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single-family detached homes". The Lululemon founder's waterfront property is assessed at $78.8 million this year.

Across Greater Vancouver there were increases in the five- to 35-per-cent range.

"The assessments always reflect market values".

Assessment notices show the estimate of a property's market value as of July 1, 2017, and its physical condition as of October 31, 2017.

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.

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"If you've got a condo in Vancouver, I think they're going to get it pretty right, because there's so many homes they compare to yours, but out in the hinterlands, it gets thinner, and you have to believe if your home is unique in some ways, that they could botch the assessment".

Condo owners in the past few years have seen the value of their property slowly increase and a five or 10 per cent increase was typical, according to Brian Smith, deputy assessor at BC Assessments.

In the City of Prince George, BC Assessment calculated a 5.42 per cent value increase in residential properties, 2.49 per cent increase in light industrial properties and a 3.59 per cent increase in business and other properties between the 2017 and 2018 assessments.

A 1908 heritage house in the Grand Boulevard area went up two per cent in the past year, for instance, to about $1.6 million.

Homeowners in Hudson's Hope will see average assessments decline just under one per cent, from $199,000 to $197,000 year-over-year.

"Prior to this, the market had been stable with slight fluctuations up and down since 2008", said Wall.

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Local residents can expect their assessment notices within the coming week.

The Okanagan's total assessment value increased from $98 billion in July of 2016 to $119 billion in July of 2017.

"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 January 31, for an independent review by a property assessment review panel".

The highest average single-family assessment in Greater Victoria was in Oak Bay, at $1.156 million, up from $1.036 million a year ago.

BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

To qualify for this tax relief, the owner should submit a completed application form to BC Assessment each year by November 30 to receive the benefit in the following assessment/taxation year.

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