Around Town: BC Assessment Sends out Vancouver Island Property Assessments for 2016
During the first part of January, more than 360,000 properties throughout the Vancouver Island Region can expect to receive their 2016 property assessment notices which reflect market value as of July 1, 2015. The majority of residential home assessments within the region are shifting between -5% to +10% compared to last year’s assessments.
Overall, the Vancouver Island Region’s total assessments increased from $163.96 billion in 2015 to $170.15 billion this year. A total of almost $2.24 billion of the region’s updated assessments is from new construction, subdivisions and rezoning. BC Assessment has launched a newly-enhanced website at bcassessment.ca that includes more details about 2016 assessments, property information and trends such as lists of 2016’s top most valuable residential properties across the province. Go to bcassessment.ca and click on the e-valueBC link. Property owners can access useful information on the website.
Those who feel that their property assessment does not reflect market value as of July 1, 2015 or see incorrect information on their notice, should contact BC Assessment as soon as possible in January. If a property owner is still concerned about their assessment after speaking to one of their appraisers, they may
submit a Notice of Complaint (Appeal) by February 1, for an independent review by a Property Assessment Review Panel.
Contact: Bill Dawson, Deputy Assessor, BC Assessment
Article Excerpted from BC Assessment Media Release, Jan. 4, 2016
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