Homeowners in Sooke saw their properties rise in value by an average of 11 per cent, compared to the province-wide average of 12 per cent, according to B.C. Assessment.
Property values jumped to an average of $831,000 for 2023, compared to $748,000 in 2022.
Vancouver Island deputy assessor Jodie MacLennan said that Vancouver Island homeowners could generally expect a rise of 10 to 20 per cent, with a few exceptions in the Central and North Island areas.
“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,” MacLennan said.
While some homeowners may have expected lower increases in their property values or a decline due to the market cooling off, that likely won’t be noted until assessments come out next year, MacLennan said.
Property owners can find information on the B.C. Assessment website.
Property owners who feel their property assessment does not reflect market value as of July 1, 2022, or see incorrect information on their notice should contact B.C. Assessments at 1-866-825-8322.
If concerns remain after speaking to an appraiser, property owners can submit a notice of appeal by Jan. 31. If they are not satisfied with the result, they can request a review by an independent property assessment review panel by May 1.
B.C. Assessment collects, monitors, and analyzes property data throughout the year to provide local governments with independent, accurate data for the fair distribution of tax revenues that fund important local services.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” MacLennan said. “As indicated in your assessment notice, how your assessment changes relative to the average change in your community may affect your property taxes.”
A 23 percent increase in Lake Cowichan, a 21 percent increase in Ucluelet, and a 20 percent increase in Tofino were the largest increases on Vancouver Island.
Vancouver Island’s assessments totalled $386 billion this year, up from $342 billion in 2022.