By Dominic Abassi

Jump in Nanaimo home values doesn’t automatically equal tax hike

Jan 4, 2017 | 11:46 AM

Nanaimo saw the highest median increase in property values of any jurisdiction north of the Malahat, according to data from BC Assessment.

However, that doesn’t automatically mean property taxes will be shooting up, says Diane Hiscock of the city of Nanaimo’s Finance Department.

BC Assessment says based on market value as of July 1, 2016, the median increase in assessed value for Nanaimo was 14 per cent compared to 2016. Hiscock says that’s an important number for people to look at when they’re trying to figure out if their new assessment means their property taxes will increase.

She says if your assessment is exactly 14 per cent higher than last year, you will see your property taxes increase by only the amount approved in the city’s budget. A jump of 1.5 per cent for the city of Nanaimo portion of taxes is one vote away from adoption.

Hiscock says if your property value spiked more than the 14 per cent, that’s where people are going to see higher taxes. If you fall under the median, then you can expect a slight reduction in taxes compared to last year, according to Hiscock.

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Deputy Assessor Bill Dawson says we haven’t seen these types of property value increases in the mid-island market for about 10 years.

“Over the last five year period in the city of Nanaimo, between 2012 and 2014, we actually saw decreases in the typical assessment for a house,” said Dawson. “In the last three years, 2015, 2016, 2017, we’ve seen a slow increase in the typical increases in single-family dwelling assessments.”

The assessed value of a typical home in Nanaimo went up nearly $50,000 to $385,000. That compares to the city of Parksville and Qualicum, where typical values jumped $48,000 and $53,000 respectively.

Of the top 100 highest valued residential properties on Vancouver Island, four are on the mid-island. The highest rank, 6th on the island, is a waterfront mansion at 1365 Dorcas Point Road in Nanoose Bay valued at $10.4-million.

Dawson urges people to check out the e-valueBC website to compare their assessment to others near them. He says you can also take a look at the local sales that were used to create the data.

People have until Jan. 31 to file an appeal of their 2017 assessment.

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You can check out the full list of the top 100 valued residential properties on Vancouver Island here.