Ladysmith property assessments remain stable

The 2013 assessment notices are being sent out, and most Ladysmith property owners can expect no change or a slight decrease.

Property assessments in Ladysmith continue to be stable, and the regional assessor says that’s a good thing.

The 2013 assessment notices were recently sent out to more than 38,000 property owners throughout the Cowichan Valley.

“Most homes in Cowichan Valley will see moderate decreases or little change in value compared to last year’s assessment roll,” said Vancouver Island regional assessor Bill MacGougan. “Most home owners will see modest changes in the minus-10 per cent to plus-five per cent range.”

Overall, Cowichan Valley’s taxable residential assessment roll is $11,006,821,659 this year. A total of almost $164,000,000 in new residential value has been added due to various changes, including subdivision, rezoning and new construction.

In general, commercial property assessments have remained stable in the Cowichan Valley, with a taxable commercial assessment roll of $796,861,080. A total of almost $29,000,000 in new commercial value has been added due to various changes, including subdivision, rezoning and new construction.

For Ladysmith, an example of the 2013 completed assessment roll (with a valuation date of July 1, 2012) for a single-family dwelling is $288,500, down slightly from the 2012 assessment roll of $294,800, according to MacGougan. For a strata apartment, an example of the 2013 completed assessment roll is $178,700, compared to the 2012 assessment roll of $183,100.

MacGougan says nothing really stands out in a big away about Ladysmith’s assessments.

“Ladysmith saw the same sort of picture as the rest of the Island, so I guess the story here is for property owners, they want to know what’s happening with their biggest investment and if it’s safe, and over that period from July 1 to July 1, values have held steady,” he said. “There are some fluctuations, but the largest group will see no change at all or a slight decrease in their assessment.”

Overall, the assessment roll for Ladysmith shrunk less than half a per cent, according to MacGougan.

Ladysmith picked up about $25 million in new construction, up from $21 million in new construction the year before, he noted.

“We’ve had two really rock-solid steady years,” said MacGougan. “I do think it’s a good-news story that the market has stayed exactly where it was. The story is fairly consistent up and down the Island.”

Assessments are the estimate of a property’s market value as of July 1, 2012, and physical condition as of Oct. 31, 2012.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

MacGougan encourages property owners who feel that their property assessment does not reflect market value as of July 1, 2012, or who see incorrect information on their notice to visit BC Assessment’s website or contact the BC Assessment office 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 Jan. 31, for an independent review by a Property Assessment Review Panel,” he noted.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and March 15 to hear formal complaints.

The Central Vancouver Island assessment office is located at 300-125 Wallace St. in Nanaimo. During the month of January, the office is open Monday to Friday from 8:30 a.m. to 5 p.m. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online.

Visit BC Assessment’s website for more information about the 2013 assessment roll, including lists of 2013’s top most valuable residential properties across the province. Property owners can also visit the website for an online customer service survey, available until Jan. 31.

“As usual, every year, our website and tools get better,” said MacGougan, noting property owners can look at comparable properties and also look at the assessments for other properties on their street. “We have some very useful tools and lots of good information. We are also standing by and taking calls.”

Just Posted

The Crofton trailer park home where the bodies of two people were found. (Photo by Don Bodger)
Mom still waiting for answers after daughter and her fiance found dead in Crofton

Pair discovered dead in their Crofton home in May identified as Rachel Gardner and Paul Jenkins

FILE – Perry Bellegarde, National Chief of the Assembly of First Nations, takes part in an event on Parliament Hill in Ottawa on Tuesday, July 7, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Indigenous Peoples Day must be a ‘call to action’, says Assembly of First Nations chief

Discovery of children at Kamloops residential school site must lead to change, Perry Bellegarde says

CVRD to increase enforcement after audits reveal that curb-side recycling contamination in the district is well above acceptable limits. (File photo)
CVRD reports contamination in recyclables well above acceptable levels

Increased enforcement planned starting this summer

A conceptual rendering of the commercial plaza at 1130 Rocky Creek Road. (Town of Ladysmith/June 15 Council Agenda)
Rocky Creek commercial plaza passes public hearing

The proposed plaza at 1130 Rocky Creek Road would bring commercial activity to Ladysmith’s north end

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

Chilliwack secondary school’s principal is apologizing after a quote equating graduation with the end of slavery in the U.S. was included in the 2020-2021 yearbook. (Screenshot from submitted SnapChat)
B.C. student’s yearbook quote equates grad to end of slavery; principal cites editing error

Black former student ‘disgusted’ as CSS principal apologizes for what is called an editing error

Skeena MLA Ellis Ross. (Photo by Peter Versteege)
BC Liberal leadership candidate condemns ‘senseless violence’ of Okanagan church fires

Skeena MLA Ellis Ross says reconciliation isn’t about revenge for past tragedies

A coroner’s inquest will be taking place at the Capitol Theatre in Port Alberni for the next week. (ELENA RARDON / ALBERNI VALLEY NEWS)
Teen B.C. mom who died following police custody recalled as ‘friend to many’

Police sent Jocelyn George to hospital after intoxication had gone ‘beyond the realm’ of normal detox

FILE - In this Nov. 29, 2020, file photo, Las Vegas Raiders defensive end Carl Nassib leaves the field after an NFL football game against the Atlanta Falcons in Atlanta. Nassib on Monday, June 21, 2021, became the first active NFL player to come out as gay. Nassib announced the news on Instagram, saying he was not doing it for the attention but because “I just think that representation and visibility are so important.” (AP Photo/John Bazemore, File)
Nassib becomes first active NFL player to come out as gay

More than a dozen NFL players have come out as gay after their careers were over

Penticton Indian Band Chief Greg Gabriel speaks to the Sacred Hearts Catholic Church burning down early Monday morning, June 21, 2021. (Monique Tamminga Western News)
Penticton band chief condemns suspicious burning of 2 Catholic churches

Both Catholic church fires are deemed suspicious, says RCMP

COVID-19 daily cases reported to B.C. public health, seven-day moving average to June 17, 2021. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infections drop to 90 on Sunday, 45 Monday

Pandemic spread dwindles as 77% of adults receive vaccine

Emergency vehicles are parked outside of the Wintergreen Apartments on Fourth Avenue. (SUSAN QUINN / Alberni Valley News)
Port Alberni RCMP investigate stabbing on Fourth Avenue

Two men were found with ‘significant’ injuries near Wintergreen Apartments

By protesting uninvited in First Nations’ territories, conservationists are acting in a neocolonial or paternalistic manner, says Huu-ay-aht Chief Robert Dennis. Photo by Heather Thomson
A closer look: do Vancouver Island First Nations support the war in the woods?

First Nations/environmentalist old growth alliance uneasy, if it exists at all

Most Read