Property assessments in Greater Victoria have gone up this year, with the biggest increases on the West Shore.
In Metchosin, property assessments went up by an average of 25 per cent – the highest increase of all municipalities in Greater Victoria – with the average home worth $716,000. Metchosin is followed by Langford where property assessments went up by 21 per cent, with the average home worth $551,000 and Sidney by 20 per cent.
Properties in Colwood went up by an average of 15 per cent ($571,000), Highlands at 14 per cent ($559,000) and View Royal at 11 per cent ($666,000).
“The majority of residential homeowners 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,” assessor Tina Ireland said in a 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.”
Assessments are the estimate of a property’s market value as of July 1, 2017 and physical condition as of Oct. 31, 2017. Appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
Early warning letters have already been distributed to those properties that will see a higher than average assessment value. All property owners in the province will receive an official letter in the mail next month, but can check online now.
Despite the increase to assessments, Ireland was quick to point out that doesn’t necessarily mean homeowners will be paying higher property taxes, as those are determined by municipal governments and other taxing authorities.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” she said. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
Overall, Vancouver Island’s total assessments increased to $223.1 billion this year from $192.7 billion in 2017. Almost $3.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.