Property assessments jump as real estate market slows down … – Times Colonist

Most Greater Victoria homeowners will see property assessments that are eight to 20 per cent higher than last year as assessment notices start landing in mailboxes this week. 

With a few exceptions in the central and north Island areas, owners on the rest of the Island can similarly expect a 10 to 20 per cent increase, said Vancouver Island deputy assessor Jodie MacLennan, who cautioned that 2023 assessments are based on what homes could have sold for as of July 1, 2022, before market values began trending downward. 

B.C. Assessment sent out more than 384,000 notices to property owners on Vancouver Island. 

The largest increase in typical assessed value for single-family homes in Greater Victoria was in Colwood and Highlands, where valuations rose by 16 per cent to $1.02 million and $1.32 million respectively. Victoria saw the typical valuation increase to $1.15 million, an eight per cent rise over last year. 

The biggest increases for strata properties were in View Royal, which saw a 20 per cent jump to $633,000 for a typical condo or townhome year-over-year.

In the central Island region, Lake Cowichan saw the largest increase year-over-year, as the typical assessment rose 23 per cent to $642,000, while in the north Island, Sayward saw typical values increase by 28 per cent to $393,000. 

The Island’s total assessment value increased to $386 billion from about $342 billion last year. About $4.78 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties. 

The assessment is the estimate of a property’s market value as of July 1 and physical condition as of Oct. 31. 

B.C. Assessment said changes in property value can vary greatly from property to property. To determine value, assessors take into account current sales in an area as well as the size,

The original article can be found here