The dawn of a new year means BC Assessment letters are in the mail, and while Ladysmith residents might find the spike in the market value of their property shocking, average increases locally were midpack compared to the rest of the Central Island.
Residential homes in town increased 17 per cent on average from $336,000 to $391,000, which reflect mark values as of July 1, 2017.
Compared to the other 16 municipalities in the Central Island, only Nanaimo (15 per cent), Duncan (16 per cent), District of Tofino (14 per cent) and Alberni Clayoquot Regional District (15 per cent) were behind Ladysmith in average increases.
Owners of more than 369,000 properties throughout Vancouver Island can expect to receive their 2018 assessment notices soon.
“The majority of residential home owners within the region can expect an increase in their assessment in the 10 to 25 per cent range as compared to last year’s assessment,” said assessor Tina Ireland. “The market has remained strong across the island and across property types. The residential strata market has been particularly robust with assessments increasing 15 to 35 per cent in many areas.”
However, the town still appears to be an attractive option for anyone trying to break into an increasingly competitive housing market.
The average price of a home in North Cowichan is $399,000 while it’s $396,000 in rural Nanaimo and $441,000 in the city.
By comparison, Duncan’s average home price is $312,000, rural Lake Cowichan is $378,000, Town of Ucluelet is $366,000 and Port Alberni is $240,000 - a 22 per cent increase from 2016.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Ireland. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
The market value of business properties in Ladysmith increased 9.61 per cent while light industry went up only 1.19 per cent. In North Cowichan the statistics are 8.92 per cent 8.88 per cent, respectively.
Overall, Vancouver Island’s total assessments increased from $192.7 billion in 2017 to $223.1 billion this year.
The BC Assessment website provides a self-service access to a online property assessment search service that allows anyone to search, check and compare 2018 property assessments.
“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 31st, for an independent review by a Property Assessment Review Panel,” said Ireland.