Property Assessments Soar on Gulf Islands and Vancouver Island
Gulf Islands property owners can expect much larger numbers on their notices from BC Assessment when they arrive in the mail this week — or when they check online as of today (Tuesday).
BC Assessment says values for Vancouver Island and Gulf Islands properties rose between 15 and 35 per cent, with the increase for a typical Gulf Islands residence rising 35.4 per cent, from $584,000 to $791,000.
For people who can’t wait for the assessment notice to arrive in the mail, the updated values are already on the bcassessment.ca website. People can type in their address to see how their property was valued as of July 1, 2021.
“Vancouver Island’s real estate market has increased in value across all property types over the past year,” stated Vancouver Island deputy assessor Jodie MacLennan in a Jan. 4 press release. “Increases of 15 to 35 per cent are generally evident for single family dwellings, strata homes, industrial and commercial properties throughout the island with notably larger per cent increases in both central and northern Vancouver Island communities.”
An increase in property value does not automatically translate to higher property taxes, as taxing authorities can adjust their mil rates. However, when it comes to bodies like the Capital Regional District, if the value of one’s property increases more than the average in the CRD, a tax increase will result for region-wide CRD services.
As well, local government bodies like the CRD, Islands Trust, North Salt Spring Waterworks District and Salt Spring Island Fire Protection District have already approved or are proposing 2022 budgets with increases ranging from 3.2 to nine per cent.