How do I appeal my property assessment?

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In the District of North Vancouver, for instance, assessments for commercial real estate rose an average of more than 30 per cent while the value of light industrial property rose over 50 per cent.

Residential strata units in urban areas vary between a five per cent decrease and 20 per cent increase compared to 2017 numbers, while properties in urban areas increased by five per cent to 25 per cent.

The most valuable assessed strata unit is 2101-83 Saghalie Rd., which was assessed at $8.1 million as of July 1, 2017.

In West Kelowna, assessments increased 15 per cent to an average home price of $682,000.

Real estate sales determine a property's value which is reported annually by BC Assessment.

BC Assessment's website at bcassessment.ca includes more details about the 2018 assessments, property information and trends such as lists of 2018's top-valued residential properties across the province.

"If you've got a condo in Vancouver, I think they're going to get it pretty right, because there's so many homes they compare to yours, but out in the hinterlands, it gets thinner, and you have to believe if your home is unique in some ways, that they could botch the assessment".

The increases seen this year were, on average, far less than those seen last year, when assessed values jumped 20-50%. In the Fraser Valley, the increases ranged from 10 to 40 per cent.

Ireland said the market has remained strong across the Island and offered few surprises.

Property values drop in north, rise in the south as 2018 assessments mailed out

The sharp spike was especially felt in the West Shore communities of Langford and Metchosin, where property values soared by 21 and 25 per cent, respectively, since last year's assessments.

"Those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January", added Schwagele.

This is because Section 19 (8) of the Assessment Act allows residential land to be assessed at less than market value where the owneroccupied the property as their principal residence continuously for 10 years effective October 31 of the year preceding the tax year, and provided the property has redevelopment potential for a more valuable use than its current use.

The highest average single-family assessment in Greater Victoria was in Oak Bay, at $1.156 million, up from $1.036 million a year ago.

Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year, according to B.C. Assessment.

Homeowners that don't agree with their assessment have the option to appeal their notice.

Owners concerned about their assessments must submit their appeal by the end of the month.

BC Assessments collects, monitors and analyzes property data throughout the year. This common valuation date ensures there is an equitable property assessment base for property taxation.

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