BC ASSESSMENT NOTICES SENT TO PROPERTY OWNERS IN THE GULF ISLANDS
More than 16,500 property owners in British Columbia’s Gulf Islands can expect to receive their 2008 Property Assessment Notice in the coming days. Assessments are the estimate of a property’s market value as of July 1, 2007. This common valuation date ensures that all properties are assessed fairly and there is an equitable base for property taxation.
The real estate market creates property value, which is reported annually by BC Assessment. “Most homes in the Gulf Islands are worth more on this year’s assessment roll than they were on the 2007 assessment roll,” said Brian Hawkins, Area Assessor. “Most home owners in the Gulf Islands will see modest increases in the 10% to 20% range.”
Changes in property assessments are reflective of movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, a professional appraiser analyzes current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
Overall, the Gulf Islands’ assessment roll increased from $6.16 billion last year to $8.542 billion this year. This growth reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.
The examples below demonstrate local market trends for properties by a geographic area; trends are affected by many variables.
| 2007 Assessment Valuation Date July 1st, 2006 | 2008 Assessment Valuation Date July 1st, 2007 |
Salt Spring North End Non Waterfront | $415,500 | $449,600 |
Salt Spring North Waterfront | $846,300 | $991,500 |
Galiano Non Waterfront | $352,600 | $405,900 |
Galiano Waterfront | $672,000 | $747,200 |
Mayne Non Waterfront | $250,400 | $310,000 |
Mayne Waterfront | $521,400 | $654,700 |
Saturna Non Waterfront | $226,000 | $246,400 |
Saturna Waterfront | $482,700 | $561,300 |
Pender Non Waterfront (Magic Lake) | $281,700 | $302,000 |
Pender Waterfront (Magic Lake) | $643,000 | $706,000 |
Piers Island | $582,600 | $601,200 |
For the 2008 roll, commercial, industrial, and multi-family properties in the Gulf Islands have had increases ranging from 15% to 25%. Development lands have also shown major increases.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2007, or see incorrect information on their notice, should contact the BC Assessment office indicated on their notice as soon as possible in January,” said Hawkins.
Assessments and Sales by Address are available for residential property owners to further assist them in understanding their property's market value and to provide comparable sales information. The service is available on BC Assessment’s website at www.bcassessment.ca.
Paper copies of Assessments and Sales by Address are also available at local area offices and most municipal halls, libraries and government agent’s offices across the province.
“If a property owner is still concerned about their assessment after speaking to one of our staff, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” said Hawkins. The panels, independent of BC Assessment, are appointed annually by the Ministry of Small Business and Revenue, and meet between February 1 and March 15 to hear formal complaints.
The Capital Assessment Office is located at 102-3350 Douglas Street. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.
For More Information:
Brian Hawkins
Capital Area Assessor
BC Assessment
Office Phone: (250) 479-7131 local 236
Toll Free: 1 (800) 990-1159
BC Assessment and the property assessment process: www.bcassessment.ca
Provincial Government Programs:
Note: Local governments and other taxing authorities are responsible for property taxation, and after determining their own budget needs this spring, will determine their property tax rates based on BC Assessment’s data. Property owners should contact their local government, or taxing authority, for more information about their property taxes.
For more about Pender Island real estate, visit Howard Sanders online @ www.HomesOnPender.com
Contact info:
• Email: Howard@HomesOnPender.com
• Cell: (250) 222-HOME (4663)
Best Regards,
Howard on Pender