With a few exceptions in the central and north Island areas, owners on the rest of the Island can similarly expect a 10 to 20 per cent increase, said Vancouver Island deputy assessor Jodie MacLennan, who cautioned that 2023 assessments are based on what homes could have sold for as of July 1, 2022, before market values began trending downward.The largest increase in assessed value for typical single-family homes in Greater Victoria was in Colwood and Highlands, which rose by 16 per cent to $1.
The Island’s total assessment value increased to $386 billion from about $342 billion last year. About $4.78 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties. With average property values in the province increasing by 12 per cent, the provincial government announced Tuesday it is boosting the homeowner grant threshold to $2.125 million for this year.
MacLennan said big changes in assessed value do not necessarily mean higher property taxes, since taxes are affected only by how the assessment changes relative to the average change in that community — a higher-than-average increase might bringer higher taxes. The residential property in the capital region with the highest assessment was once again James Island, at $61.24 million, a jump from the $54.7 million it was valued at last year. James Island ranks third in the province for assessed value. At the top of the list is a $74-million waterfront mansion and compound on Vancouver’s Point Grey Road owned by Lululemon founder Chip Wilson.
They need to pay their share