Campbell River homeowners are generally going to be seeing an increase in their assessed property values this year.
According to BC Assessment, the median single family home value in Campbell River will be going up by 34 per cent this year, from $464,000 to $620,000. Stratas and townhomes will also be seeing an increase, with the median value going from $285,000 to #351,000 (an increase of 23 per cent). Property values are assessed as of July 1 each year.
The increase in value has been seen all over the Island.
“Vancouver Island’s real estate market has increased in value across all property types over the past year,” says Vancouver Island Deputy Assessor Jodie MacLennan. “Increases of 15 to 35 per cent are generally evident for single family dwellings, strata homes, industrial and commercial properties throughout the island with notably larger percent increases in both central and northern Vancouver Island communities.”
How those numbers affect property taxes is different depending on your home’s value. According to the BC Assessment news release, if your property’s value change is lower than the average change, your taxes are likely to decrease. Average changes that are similar are likely to not result in any changes to property taxes. Finally, properties which have a higher than average change are likely to result in an increased property tax bill. However, that does assume that there are no changes in the distribution of budget funding between property types at a local level.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” said MacLennan. “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.”
BC Assessment takes into account the local real estate market including current sales in the area. That is on top of other characteristics for each individual home.
The first quarter of 2021 saw the biggest value jump up to 20.9 per cent increase in value from 7.2 per cent at the end of 2020.
A property in the Campbell River Rural jurisdiction (which includes areas around the city) also got into the 20 top valued properties on the Island. Subtle Island, which is two small islands off of Cortes Island joined by a land bridge were valued at $10,960,000, which put it at 18th on the list of top 100 highest valued properties. Vancouverisawesome.com reported that the property was listed for sale for $31.9 million in 2018.
BC Assessment has a “Property Search” function to allow people to find their property assessments. The Property Assessment review panel is typically held between Feb. 1 and March 15 for formal complaints. People who see incorrect information should contact BC Assessment as soon as possible.
“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,” said MacLennan.