Ladysmith’s three highest-assessed homes are found on the same street.
B.C. Assessments has released property assessment information for 2023, indicating market value as of July 1, 2022. Ladysmith’s three highest-assessed properties are all on Gill Road, with 303 Gill Rd. at the top of the list at $2.3 million. The town’s highest-assessed commercial property is Coronation Mall, valued at $19.3 million.
A typical single-family home in Ladysmith saw its assessment increase from $643,000 to $737,000 year over year, a 15- per cent increase, in line with other areas of the Island.
“Homeowners across Vancouver Island can generally expect about 10-per cent to 20-per cent rise in assessment values with a few exceptions,” said Jodie MacLennan, B.C. Assessments deputy assessor for Vancouver Island, in a press release. “While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher.”
B.C. Assessments reminds taxpayers that changes in home values don’t necessarily correspond to changes in property taxation; rather, a home’s assessment relative to other homes in its property class has a stronger correlation to taxation.
“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,” MacLennan said.
Property owners who feel their assessment doesn’t reflect market value should contact B.C. Assessment and if they still have concerns after speaking with an appraiser, they have until Jan. 31 to submit a complaint.
Assessment notices are in the mail now. For more information, visit http://bcassessment.ca.
Ladysmith’s highest-assessed residential properties:
1. 303 Gill Rd. $2,280,000
2. 287 Gill Rd. $2,092,000
3. 307 Gill Rd. $1,949,000
4. 312 Roland Rd. $1,935,000
5. 319 Chemainus Rd. $1,913,000
6. 315 Holland Creek Pl. $1,912,000
7. 10675 S. Watts Rd. $1,901,000
8. 326 Morgan Rd. $1,746,000
9. 409 Blair Pl. $1,742,000
10. 417 Blair Pl. $1,741,000
Nanaimo’s highest-assessed residential properties:
1. 4470 Burma Rd. $4,820,000
2. 3372 Stephenson Point Rd. $4,730,000
3. 5025 Hinrich View $4,488,000
4. 5512 Hiquebran Rd. $4,259,000
5. 3384 Stephenson Point Rd. $4,069,000
6. 5508 Hiquebran Rd. $3,492,000
7. 3394 Stephenson Point Rd. $3,297,000
8. 3432 Stephenson Point Rd. $3,177,000
9. 3711 Ross Rd. $3,172,000
10. 3269 Ross Rd. $3,157,000
READ ALSO: Private island tops Vancouver Island assessment rolls at $61 million
editor@nanaimobulletin.com
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