Vancouver Island 2020 Property Assessments in the Mail
VICTORIA, British Columbia, Jan. 02, 2020 (GLOBE NEWSWIRE) — In the next few days, owners of more than 374,600 properties throughout Vancouver Island can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
“The market has stabilized in most areas of Vancouver Island this year,” says Vancouver Island Assessor Tina Ireland. “In the south part of Vancouver Island, the majority of residential property values are moving -5% to +5%, while up island the value increases are a little higher. The commercial and industrial markets are generally showing increases over last year’s assessments.”As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Vancouver Island region’s estimated range of percentage changes to 2020 assessment values by property type compared to 2019. Please note property assessments may vary by jurisdiction or municipality within the region.Overall, Vancouver Island’s total assessments increased from about $246 billion in 2019 to $255 billion this year. A total of almost $4.14 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, West Coast, Northern and Southern Gulf Islands and Powell River.
The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region.These examples demonstrate market trends for single-family residential properties by geographic area:These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic urban area for select urban communities:*SD = School DistrictBC Assessment’s website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020’s top valued residential properties across the province.The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map. New for 2020, the website is fully mobile-friendly.“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 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 January 31st, for an independent review by a Property Assessment Review Panel,” adds Ireland.The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Ireland. “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.”Have questions?Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.Media contacts:Tina Ireland
Assessor, BC Assessment
Vancouver Island Region
Tel. 1.866.825.8322 Ext. 01236
Email: firstname.lastname@example.orgGerry Marolla
Deputy Assessor, BC Assessment
Vancouver Island Region
Tel. 1.866.825.8322 Ext. 01237
Email: email@example.comFacts on B.C. Property Assessments and the 2020 Assessment RollTotal number of properties on the 2020 Roll is 2,091,135, an approximate 1.06% increase from 2019.Total value of real estate on the 2020 Roll is about $1.94 trillion, a decrease of nearly 2.5% from 2019.Total amount of ‘non-market change’, including new construction, rezonings and subdivisions is approximately $27.1 billion, a decrease of almost -8.63% from the 2019 revised roll of $29.6 billion.In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $1,462,895,234,775 of the value on the total provincial roll.Over 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, 2019 and physical condition as of October 31, 2019. 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 $8 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.BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment”. For more information on the 2020 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit www.bcassessment.ca and click on the “Property Information & Trends” link.PDFs accompanying this announcement are available at:http://ml.globenewswire.com/Resource/Download/9bd01733-da2e-4dd2-88e4-0bdc7b33bf4chttp://ml.globenewswire.com/Resource/Download/a0bb3612-aa28-4039-99f4-8a675ed05232