Campbell Riverites living in the city can expect an 18 per cent increase on average of property values over 2016 and rural Campbell Riverites will see an average increase of 16 per cent.
The 2018 assessment notices were mailed out at the beginning of the month by BC Assessment and reflect the market value of the property as of July 1, 2017. You can also find them online.
On Vancouver island 369,000 properties were evaluated.
“The majority of residential home owners within the region can expect an increase in their assessment in the 10 per cent to 25 per cent range as compared to last year’s assessment,” said Tina Ireland, assessor, in a news release. “The 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.”
In Campbell River the average property value increased from $303,000 to $356,000. The average property value in the surrounding area increased from $312,000 to $363,000, or 25 per cent.
On the Island, Ucluelet saw the biggest change in property value, up from $290,000 to $366,000 or 26 per cent. Not far behind was the District of Metchosin where the average property values increased from $574,000 to $716,000.
The Village of Zeballos was the only area on the Island that saw an average decrease in property value of four per cent, down from $89,000 to $85,000.
“Property owners can find a lot of 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, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Ireland.
She added that it is important to understand that an increase in property value does not necessarily translate to an increase in property taxes.
“How your assessment changes relative to the average change in your community is what may affect your property taxes,” she explained.