Assessments Up on Island Again

This article ran in the Driftwood (our local paper) this week - I thought it might be of interest to some of you.

All the best - N

Shacks and mansions keep gaining value

Gulf Islands Driftwood, Wednesday, January 09, 2008

By Driftwood Staff

Gulf Islands property values continued to rise between 2006 and 2007, according to B.C. Assessment, but the rate of change was slower on Salt Spring for the second consecutive year.

Valuation of a “typical” Salt Spring non-waterfront home rose by 8.2 per cent between the July 1, 2006 and July 1, 2007 valuation dates — to $449,600. That jump was 6.9 per cent the year before, 18.7 per cent between 2004 and 2005, and 24.7 per cent from 2003 to 2004.

A typical north Salt Spring Island waterfront residence increased in value by 17.1 per cent to $991,500 in 2007 from $846,300 the previous year.

“Most home owners in the Gulf Islands will see modest increases in the 10 to 20 per cent range,” said area assessor Brian Hawkins.

Salt Spring realtor Tom Navratil, who also analyzes sales data on a regular basis, said his information revealed a seven per cent hike in market-value sales for non-waterfront properties. In waterfront home values, he said, a “correction” actually occurred following a “spectacular” rise the previous year.

While real estate sales are used to determine a property’s assessed value for taxation purposes, other factors come into play.

Pender Island also saw its previously rising price tide recede somewhat, with non-waterfront properties up about 7.2 per cent, and a Magic Lake waterfront residence up 9.8 per cent.

Mayne Island experienced the greatest hikes in value. A typical non-waterfront home on Mayne leapt 23.8 per cent, from $250,400 to $310,000, with a waterfront parcel up to $654,700 from $521,400 (25.5 per cent).

On the other southern Gulf Islands, B.C. Assessment reported: • Galiano, non-waterfront, $405,900 as of July 1, 2007, up 17.1 per cent from $352,600 one year earlier.

• Galiano, waterfront, $747,200, up 15.1 per cent from $672,000.

• Saturna, non-waterfront, $246,400, up nine per cent from $226,000.

• Saturna, waterfront, $561,300, up 16.2 per cent from $482,700.

Overall, the Gulf Islands assessment roll increased to $8.542 billion from $6.16 billion the year before, which includes the value of new construction.

Island property owners who have still not received their assessment notices should contact B.C. Assessment’s Victoria office at 1-800-990-1159.

Anyone wanting to appeal their assessment should also call that number in order to discuss the process.

The office is open Monday through Friday from 8:30 a.m. to 5 p.m.

“If a property owner is still concerned about their assessment after speaking to one of our staff, they may submit a Notice of Complaint (appeal) by January 31, for an independent review by a Property Assessment Review Panel,” said Hawkins.

Panels, which are independent of B.C. Assessment, are appointed annually by the Ministry of Small Business and Revenue, and meet between February 1 and March 15 to hear formal complaints about assessed values.

People can glean more information about assessments of neighbouring properties by visiting the website at www.bcassessment.ca.