YOUR PROPERTY ASSESSMENT NOTICE
By now, all homeowners should have received their property assessment from the BC Assessment Authority. You’ll notice that these 2022 assessments are a lot higher than the ones for 2021. Depending on the property type (single family or condo) and location, assessments in Greater Victoria have gone up between 20% and 40%. The following table shows price gains between July 1, 2020 and July 1, 2021 for Greater Victoria and the Mid-Island (data courtesy BC Assessment Authority). Two things to note:
- Rural areas are playing catch-up with urban areas: The farther away from the core and the more rural, the larger the relative price gains.
- These increases are as of July 1, 2021. The market has since gone up even more, especially for condos, which were later to see price increases.
APPEAL PROCESS
If you think the valuation of your property is not in line with those of similar properties in your area, based on July 1, 2021 valuations, you can discuss the discrepancy with the BC assessment authority. If you want to file an appeal, the deadline is January 31. You can read all about the appeals process at bcassessment.ca
YOUR ASSESSMENT AND PROPERTY TAXES
Note that an increase in your home’s valuation by the BC Assessment Authority is NOT mirrored in an identical increase in municipal property taxes. The amount of taxes is set by your municipality’s annual budget. If you have an average home and the average taxes in your municipality go up by 5%, your taxes will likely go up by 5% as well, even if the assessment for average homes in your area has gone up 25%. So don’t panic about property taxes just yet. However, it is safe to assume that the tax will go up this year due to general inflation.