Saanich property owners receive 2017 Assessment Notices
January 4, 2017
BC Assessment has released their 2017 assessment notices and Saanich property owners can expect to receive their 2017 assessment notice in the mail this week. BC Assessment is responsible for all property assessment in British Columbia.
Residents can learn more about the changes in the press release issued by BC Assessment to the Vancouver Island region on January 3, 2017.
You can also search property information on the E-value BC website: https://evaluebc.bcassessment.ca/
In Saanich, BC Assessment has reported that a typical residential home has risen close to 20% in assessed value. They also note that the change in value for detached homes in urban areas ranges from +5% to +40% and for rural areas from -5% to +25%. The ranges are narrower for other property types like condos, commercial and light industrial.
This does not mean that property taxes will be increasing at the same rate as the assessments. The municipal property tax increase is determined by Council as part of the budget deliberation process. Changes in the property assessment determine how an overall tax increase is distributed to each property owner. Only properties that go up by the average assessment increase will experience the average tax increase. For example, a property owner with a 40% increase in their assessed value will experience a higher than average tax increase and a property owner with a 5% increase in their assessed value will experience a lower than average tax increase.
In Saanich, a draft budget is provided to Council in February and is deliberated until April. The property tax increase is finalized in early May with the adoption of the Financial Plan and Tax Rates Bylaws. Property tax notices are then mailed in mid to late May.
Property owners with questions about their assessment notice should refer to the BC Assessment’s website at www.bcassessment.ca or contact BC Assessment as indicated on their notice as soon as possible in January.