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Property Assessments Higher for Most of Vancouver Island and Sunshine Coast

The value of homes and commercial properties has gone up over the past year in most communities on Vancouver Island and the Sunshine Coast, according to BC Assessment.

It has released its annual property assessments, which will be used by municipalities to determine the tax bills for home and business owners.

An increase in your assessed value does not necessarily mean your property taxes will be higher.

The most important factor is not how much your assessed value has changed, but how the assessed value has changed when compared to the average for that type of property throughout the community.

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The assessments are based on the market value of a property as of July 1, 2022.

Assessors take into consideration what a property will sell for on the market in a neighbourhood, the size, condition, age, and location of a property.

In North Cowichan, average single family home values are up 14 per cent over last year, and are up 13 per cent in Duncan.

The value of a single family home in Lake Cowichan has increased by 23 percent.

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In Ladysmith, the increase was 15 per cent.

Nanaimo has single family home values of 12 per cent higher than last year.

The average home value in Lantzville went up by 14 per cent.

In the District of Sechelt, single family homes were assessed as being 14 per cent higher.

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The assessed value of a single family dwelling in Courtenay was up 13 per cent and in Comox it was 10 per cent higher.

Single family home values in Campbell River have increased 10 percent.

For communities on Northern Vancouver Island, BC Assessment says there was an increase of 19 per cent in Port Hardy, and 26 per cent in Port McNeil, but a decrease of one per cent in Port Alice.

Single family homes in Powell River were an average of 16 per cent higher.

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Those figures are for single family homes and do not apply to strata or commercial properties.

More details, including the assessment for individual homes, apartments or townhomes, and commercial properties can be found at bcassessment.ca.

The total value for Vancouver Island properties increased from about $342-billion in 2022 to almost $386-billion this year.

Nearly $4.8-billion of the island’s updated assessments is from new construction, subdivisions and the rezoning of properties.

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