Property values in 2024 in City of Powell River and qathet Regional District have dropped, on average, five per cent from the 2023 BC Assessment median assessment figures. The figures are taken from assessed values as of July 1, 2023.
According to a media release from BC Assessment, the median home value in the city in 2024 is $574,000, down from $607,000 in 2023. In the regional district electoral areas for 2024, the median assessment is $475,000, down from $499,000 in 2023.
“For 2024, most homeowners can expect generally flat values, including a mix of small decreases or only modest increases, reflecting the softening real estate market," stated Vancouver Island deputy assessor Matthew Butterfield. "Homeowners throughout Vancouver Island will generally see somewhere in the range of minus-five per cent to plus-five per cent change in assessment values. Some smaller North Island communities, however, will see larger increases as there continues to be demand in those markets with limited supply."
Powell River and qathet Regional District are part of the BC Assessment’s Vancouver Island region. In the next few days, property owners can expect to receive their 2024 assessment notices in the mail.
BC Assessment's website at bcassessment.ca includes more details about 2024 assessments, property information and trends such as lists of 2024'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 2024 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, create comparisons, monitor neighbourhood sales, and use the interactive map.
“Property owners can find valuable information on our website, including answers to many assessment-related questions,” stated Butterfield. “Those who feel that their property assessment does not reflect market value as of July 1, 2023, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.
“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," stated Butterfield. "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."
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