Sooke assessment

Sooke property values stable

Most Sooke residents can expect to see a 1.8 per cent increase in property value this year

  • Thu Jan 7th, 2016 3:00pm
  • News

With 2016 property assessments in the mail, homeowners in Sooke can expect to see  a 1.8 per cent increase in property value.

The most expensive property in the Greater Sooke area is located at 5125 East Sooke Rd.

“The majority of residential home assessments within the [Vancouver Island] region are shifting between minus five per cent to plus 10 per cent compared to last year’s assessments,” said regional assessor Reuben Danakody in a written statement.

“Notably, a robust real estate market over the past year resulted in assessment increases for many properties in the Vancouver Island region.”

The province-wide assessments reflect the market value of the properties as of July 1, 2015.

Homeowners who disagree with their property’s appraisal should contact B.C. Assessment by the end of the month.

Meanwhile, the B.C. government has raised the threshold to qualify for the full home owner grant to shield some owners from a higher property tax bill.

The jump in assessed values this year would have left owner-occupied homes that have climbed above $1.1 million – the old threshold – with less than the basic $570 home owner grant offsetting taxes.

The revised threshold is $1.2 million and homes above that lose $5 of the grant for every $1,000 in additional value.

That means the grant now disappears altogether for homes worth more than $1.314 million.

The province reduced the threshold in 2014 from a previous $1.295 million in order to skim $11 million from home owner grants to general revenue and it was kept frozen at $1.1 million last year. Seniors, veterans and the disabled also may qualify for an additional grant of up to $275.

The proportion of B.C. homes that are valued below the new cut-off for the full grant is 91 per cent, down from 93 per cent last year and 95 per cent in 2012.