Property owners on Vancouver Island can expect to receive their property assessments for 2022 in the coming days.
BC Assessment says the new assessments for the owners of 382,000 properties on the island are being mailed out.
The assessments are based on the market value of properties as of July 1, 2021.
Vancouver Island Deputy Assessor Jodie MacLean says values have increased for all types of property.
MacLean says there are increases of 15 to 35 percent for single-family, strata homes, industrial and commercial properties throughout the island.
There are notably larger increases for both central and northern Vancouver Island.
In Duncan, the average increase for a single-family home is 35-per cent, in North Cowichan, it’s 37-per cent, for Lake Cowichan there’s an increase of 42-per cent, and in Ladysmith single-family homes rose by an average of 26-per cent.
However, while property values are used to determine the municipal tax bill for individual properties, owners should not expect their annual taxes to rise at the same rate as the assessed value.
Property owners can learn more about this and how to appeal their property assessment at the BC Assessment website.
Overall, Vancouver Island’s total assessments increased from about $269-Billion dollars in 2021 to $343 billion this year.
BC Assessment says more than $4.85 Billion of the region’s increase in assessments is from new construction, subdivisions, and the rezoning of properties.