Most West Shore residents – at least those who own property – have now received their 2015 assessment notices, reflecting the market value of their property as of July 1 of last year.
“Most single family and strata residential home owners in the Capital Region will see average changes of -2 per cent to +3 per cent,” Regional Assessor Reuben Danakody said in a release. That means both the increases and decreases in property value are modest across the region, on average.
For example, the average residential home price in Langford went from $408,000 to $407,000 from July 1, 2013 to July 1, 2014, a $1,000 drop, while View Royal had an average increase of $1,000, bringing their average home value to $430,000 from $429,000.
Colwood saw the biggest average decrease in property value on the West Shore, from $502,000 to $490,000.
There is only one single-family residential property on the West Shore ranked in the top-100 in the Capital Region, that being the former home of Len Barrie, ex-Chief Executive Officer of Bear Mountain Partnership.
Assessed at $4,348,000, the property is a 12,500-square-foot, six-bedroom, 10-bathroom mansion on 1.38 acres of land. It features a swimming pool, outdoor basketball court, wine cellar, putting green and floor-to-ceiling windows in the main rooms – not to mention Swarovski crystal doorknobs in the 1,800 sq. ft. master bedroom.
That property was sold for $4,429,222 in September, 2013 to Gurmit Singh Uppal and family.
Any residents who are concerned about their 2015 assessment, or feel it does not reflect market value as of July 2014, should contact B.C. Assessment as indicated on their notice as soon as possible in January, Danakody said.
“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 Feb. 2 for an independent review by a property review panel,” he said.
The review panels are appointed annually by the Ministry of Community, Sport and Cultural Development and typically meet between Feb. 1 and March 15 to hear formal complaints.