As property assessments arrive in BC mailboxes, people in Greater Victoria can expect a mixed message about the value of their properties.
“Homeowners across Vancouver Island can generally expect about 10% to 20% rise in assessment values with a few exceptions," BC Assessment's Vancouver Island Deputy Assessor Jodie MacLennan said in a news 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."
The increase in property values is reflected in an increase to the threshold for the Home Owner Grant, which is now available for properties worth up to $2.125 million. The grant amount has not changed, however.
An increase in your BC Assessment does not directly result in an increase to your property taxes. If your property increased by the average rate or less for your municipality, your taxes could decrease.