Property assessments in Greater Victoria have gone up this year, with the biggest increases on the West Shore.
In Metchosin, property assessments went up by an average of 25 per cent B次元官网网址� the highest increase of all municipalities in Greater Victoria B次元官网网址� with the average home worth $716,000. Metchosin is followed by Langford where property assessments went up by 21 per cent, with the average home worth $551,000 and Sidney by 20 per cent.
Properties in Colwood went up by an average of 15 per cent ($571,000), Highlands at 14 per cent ($559,000) and View Royal at 11 per cent ($666,000).
RELATED: 2017 BC Assessment values now available online
B次元官网网址淭he majority of residential homeowners within the region can expect an increase in their assessment in the 10 per cent to 25 per cent range as compared to last yearB次元官网网址檚 assessment,B次元官网网址� assessor Tina Ireland said in a release.
B次元官网网址淭he market has remained strong across the Island and across property types. The residential strata market has been particularly robust with assessments increasing 15 per cent to 35 per cent in many areas.B次元官网网址�
Assessments are the estimate of a propertyB次元官网网址檚 market value as of July 1, 2017 and physical condition as of Oct. 31, 2017. Appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
RELATED:
Early warning letters have already been distributed to those properties that will see a higher than average assessment value. All property owners in the province will receive an official letter in the mail next month, but can .
Despite the increase to assessments, Ireland was quick to point out that doesnB次元官网网址檛 necessarily mean homeowners will be paying higher property taxes, as those are determined by municipal governments and other taxing authorities.
B次元官网网址淚t is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,B次元官网网址� she said. B次元官网网址淗ow your assessment changes relative to the average change in your community is what may affect your property taxes.B次元官网网址�
Overall, Vancouver IslandB次元官网网址檚 total assessments increased to $223.1 billion this year from $192.7 billion in 2017. Almost $3.2 billion of the regionB次元官网网址檚 updated assessments is from new construction, subdivisions and rezoning of properties.
Like us on and follow us on
