When owners of the 148,000 properties in the capital region receive assessment notices in the next few days, many will see values go up by two to eight per cent.
Assessments are rising in tandem with strong real estate sales in the capital region.
They help determine how much homeowners pay in property taxes, although an increase does not necessarily mean a similar rise in taxes. A bigger tax bill is more likely if an assessment rises beyond the average in a municipality, each of which sets its own tax rate.
North Saanich saw the capital region’s highest average percentage increase — 7.04 per cent —for a typical single-family house, under B.C. Assessment’s valuation.
Last year, Oak Bay had the highest average increase at 2.85 per cent. This year, it’s in second place at 6.52 per cent.
Esquimalt had the third-highest percentage increase, at 6.36 per cent.
Percentage increases do not reflect dollar values of homes.
In North Saanich, a typical single-family house is valued at $663,000 by B.C. Assessment, a Crown agency.
In Oak Bay, the value is $785,900, the highest in the region.
The most valuable Greater Victoria property is James Island, at $51.62 million.
Provincewide, the most valuable is Lululemon founder Chip Wilson’s Vancouver house, at $63.87 million.
Assessment notices show the estimated market value as of July 1, 2015, and physical condition as of Oct. 31, 2015, as determined by B.C. Assessment.
The organization takes into account a range of factors, from nearby sales to location, condition and improvements.
B.C. has just under two million properties on its assessment roll, up by 1.06 per cent from 2015. The value of all those properties is $1.34 trillion.
Greater Victoria properties have a total value of $94.27 billion, including $1.24 billion in new construction in the past calendar year.
If you don’t agree with your assessment or have questions, B.C. Assessment has some tips:
• First, go to e-value B.C. to see how your assessment compared with your neighbourhood. You can also see sale prices for nearby properties. On the web: evaluebc.bcassessment.ca.
• If you still have questions or want to provide information to B.C. Assessment, call to discuss the matter. Property owners can call toll free at 1-866-825-8322.On the web: bcassessment.ca