BCAA Assessment Notice Information

BC Property Value Assessment notices went out last week to owners of the approximately 360,000 households on Vancouver Island. Most notices reflect changes of between -5% and +10% for property values on the island from July 2014 to July 2015. Despite the overall robust market, some property values declined in the period. The cumulative value of property on Vancouver Island raised from $164 Billion to $170 Billion and more than $2 Billion of that increase was from new construction, subdivisions and rezoning.

 The summary below demonstrates market trends for the period for typical single family homes throughout Greater Victoria:

If you are concerned that your new BCAA property assessment does not accurately reflect your property’s value, you have until Feb 1, 2016 to request a review. You can do access helpful information on their website at www.bcassessment.ca In my experience BCAA’s valuations often report values both over and under the true fair market value. If value is overestimated you could be paying more than your fair share of property tax. The biggest factors leading to inaccurate valuations are significant improvements made or deferred maintenance that assessors are unaware of. For assistance with accurately determining the fair market value of your property and access to relevant sales information for your neighbourhood, please contact us. it is our pleasure to offer our assistance without obligation.