Vancouver Island 2021 Property Assessments in the Mail

VICTORIA, British Columbia, Jan. 04, 2021 (GLOBE NEWSWIRE) — In the next few days, owners of about 378,000 properties throughout Vancouver Island can expect to receive their 2021 assessment notices, which reflect market value as of July 1, 2020.
“Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale,” says Vancouver Island Assessor Tina Ireland. “For most communities, the assessed values of single family homes are up moderately about five to ten per cent, while residential stratas are generally showing less of an increase.”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 British Columbia’s estimated range of percentage changes to 2021 assessment values for residential properties compared to 2020. Please note property assessments may vary by jurisdiction or municipality across the province,Overall, Vancouver Island’s total assessments increased from about $255 billion in 2020 to $269 billion this year. Over $3.47 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 2020 versus 2021 assessed values of properties throughout the region.These examples demonstrate market trends for single-family residential properties by geographic area:**All data calculated based on median values.These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic urban area for select urban communities:**All data calculated based on median values.BC Assessment’s website at bcassessment.ca includes more details about 2021 assessments, property information and trends such as lists of 2021’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 2021 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.“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, 2020 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 February 1st, 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 provincial government, 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, hours of operation 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 / Cell 778-679-0611
Email: Tina.I[email protected]
Maurice Primeau
Deputy Assessor, BC Assessment
Vancouver Island Region (North and Central Island Areas)
Tel. 1.866.825.8322 Ext. 04260 / Cell 250-713-3195
Email: [email protected]
MEDIA BACKGROUNDER
January 4, 2021
Facts on B.C. Property Assessments and the 2021 Assessment RollTotal number of properties on the 2021 Roll is 2,114,885, an approximate one per cent increase from 2020.Total value of real estate on the 2021 Roll is about $2.01 trillion, an increase of nearly 4.2 per cent from 2020.Total amount of ‘non-market change’, including new construction, rezoning changes and subdivisions is approximately $22.1 billion, a decrease of almost -12.7 per cent from the 2020 Roll of $25.3 billion.In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to about $1.5 trillion 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, 2020 and physical condition as of October 31, 2020. 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 billions of dollars 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 2021 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit bcassessment.ca and click on the “Property Information & Trends” link.
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