The most recent BC Assessment shows homes on the Coast rising in value, with the exception of two-bedroom apartments, Sechelt's waterfront homes and houses in Pender Harbour, which dropped in value from the previous assessment.
Changes in property assessments are a result of movement in the local real estate market and can vary greatly from property to property. BC Assessment's appraisers analyze current sales in the area and consider the home's characteristics (such as size, age, quality, condition, view and location) before estimating a property's market value. Those estimates were made based on the property's perceived market value as of July 1, 2010. The findings were made public this week.
"Most home owners on the Sunshine Coast will see changes in the minus five per cent to plus 10 per cent range," said area assessor Jason Grant.
He said for example, a sample non-waterfront, single-family dwelling in Gibsons would be assessed at $459,000 compared to $415,000 on the 2010 Assessment Roll.
A sample waterfront single-family dwelling in Gibsons would be assessed at $743,000 this year compared to $683,000 last year. Two-bedroom apartments in the area went down in value from $173,800 last year to $170,000.
In the District of Sechelt, non-waterfront homes went up in value with a sample home worth $321,000 last year now at $329,000, but waterfront property saw a decrease in assessment this year with a sample home worth $701,600 last year now worth $690,000. Two bedroom apartments in Sechelt also went down very slightly with sample homes worth $229,800 last year now at $229,600 on the current assessment.
In Halfmoon Bay, non-waterfront assessments went up (a sample home worth $351,000 last year is now worth $384,000) and waterfront homes also saw an increase with sample homes assessed at $765,000 compared to $689,000 last year.
In Roberts Creek, non-waterfront dwellings went up with sample homes coming in at $349,500 from $347,500 last year and waterfront properties also saw an increase with a sample home worth $1,129,000 last year now worth $1,153,000.
Pender Harbour saw the biggest reduction in assessments this year with non-waterfront housing going from $375,000 to $338,000 in a sample assessment and sample waterfront homes assessed at $538,100, down from $585,000 last year.
While all of these numbers are based on sample assessments, individual assessments should arrive at residences this week with more detailed information for individual property owners.
"Property owners who feel that their property assessment does not reflect market value as of July 1, 2010 or who see incorrect information on their notice should contact the BC Assessment office indicated on their notice as soon as possible in January," Grant said.
An online notice of complaint form is available during the month of January at www.bcassessment.ca, which allows property owners to request an independent review of their property assessment. Jan. 31 is the deadline to file a formal appeal for an independent review by the property assessment review panel.
