BC Assessment has released its latest property assessments based on what it deemed to be the market value as of July 1, 2021. The demand for Vancouver Island real estate has resulted in significant increases across all property types. The total assessment for the Island is $343 billion, up from $269 billion the year before.
The increased assessment doesn't necessarily affect your property tax bill. But, on that note, The Chamber will continue to work with municipalities on behalf of businesses to ensure a fair tax burden. In 2021, Greater Victoria municipalities charged businesses a tax mulitple between 2.02 and 13.27 times what they charged residential properties. It's something we'll keep an eye on as municipalities begin their budget processes.