BC Assessment has mailed out 2016 property assessment notices, and the majority of Campbell River home owners can expect to see a bit of an increase.
The 2016 property assessment notices reflect market value as of July 1, 2015, and a property’s physical condition as of Oct. 31, 2015. According to a press release from BC Assessment, the majority of residential home assessments on Vancouver Island are shifting between minus-five per cent and plus-10 per cent, compared to last year. These changes reflect movement in the local real estate market.
Overall, the Vancouver Island region’s total assessments increased from $163.96 billion in 2015 to $170.15 billion this year.
For single family residential detached homes, the typical 2016 assessment roll in Campbell River will be $291,200, up from $275,400 in 2015. In the Campbell River rural area, the typical 2016 value will be $298,300, up from $288,600 in 2015. These are the highest values in the North Island region, with the next highest being in Port McNeil at $216,600 in 2016, compared to $206,800 in 2015.
The typical 2016 assessment roll for single family residential detached homes in Gold River is $140,000, up from $128,400, while in Sayward, the assessment is increasing from $112,800 in 2015 to $114,600.
“Campbell River, relative to other communities on the Island, has had a very successful growth in the residential real estate market in the last five years,” said BC Assessment deputy assessor Bill Dawson. “This year, we are looking at an increase in the median residential assessment from $275,000 to $291,000, which is about a five-per-cent increase. Last year, the increase was four per cent, and the year before, it was still a positive increase of two per cent. When you compare that to other communities, especially in the northern reaches of Vancouver Island, that bodes quite well.”
Dawson encourages property owners to visit the BC Assessment website at www.bcassessment.ca once they’ve received their notice and do their research. Anyone who has any questions can look for the answers through the e-valueBC service, which allows people to compare their assessment to their neighbours’ and to look up information such as house sales in their neighbourhood.
Anyone who has questions about their assessment can visit the Courtenay Assessment Office at 2488 Idiens Way or call BC Assessment toll-free at 1-866-825-8322. Property owners who still have an issue can submit a notice of appeal by Jan. 31 to ask for an independent review.