Typical 2023 assessed value of a single-family home property in City of Powell River, based on July 1, 2022, market value, is $608,000, up from $524,000 in 2022, which is a 16 per cent increase.
According to a media release from BC Assessment, in the next few days, owners of about 384,000 properties throughout Vancouver Island region, of which Powell River and qathet Regional District (qRD) are a part, can expect to receive their 2023 assessment notices.
“Homeowners across Vancouver Island can generally expect about a 10 to 20 per cent rise in assessment values, with a few exceptions,” stated Vancouver Island deputy assessor Jodie MacLennan. “While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher.”
According to BC Assessment, the value of a single-family home property in the rural areas of qRD also jumped 16 per cent from 2022’s typical assessed value of $433,000 to 2023’s figure of $501,000.
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Vancouver Island’s total assessments increased from about $342 billion in 2022 to almost $386 billion this year, the release stated. About $4.78 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment’s Vancouver Island region includes all communities located within Greater Victoria, South Island, Central Island, North Island, the West Coast, Northern and Southern Gulf Islands and the qathet region, which includes Powell River.
BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments, property information and trends such as lists of 2023’s top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2023 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use an interactive map.
“Property owners can find a lot of valuable information on our website, including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2022, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” stated MacLennan. “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint (appeal) by January 31, for an independent review by a property assessment review panel.”
The property assessment review panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” added MacLennan. “As indicated on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
