The BC Assessments valuations on your homes are now out and as expected show an increase in most of the regions on the Island. The only areas not to see an increase were the Villages of Port Alice, Tahsis and Zeballos.
Nanaimo saw a 12% increase in a typical assessed median value for a single family home and the following table shows the complete list for the Central Island area:
See https://info.bcassessment.ca/news/Pages/Vancouver-Island-2023-Property-Assessments-in-the-Mail.aspx for the full Island list.
Although these are the 2023 values, they are based on the homes assessed value as of July 1, 2022 so are always out of date and by the end of the current year will be 18 months old. Therefore they can never really be a true reflection of the homes current market value - espcially in an increasing or decreasing real estate market.
If you disagree with the assessed value there is an appeals process but you do not have long to start the application as they have to be submitted by January 31st, 2023. Go to https://info.bcassessment.ca/Services-products/appeals on the BC Assessment website where you will find information on how to appeal.
I hope you found this useful but please let me know if you have any questions on this or any real estate topic.
Comments:
Post Your Comment: