Parksville property owners have until Jan. 31 to appeal their 2022 assessment through the BC Assessment Authority.
Property assessments are announced on an annual basis with 2022 assessments based on market values at July 1, 2021, according to a media release from the City of Parksville. The average increase in property values is shown on residents’ assessment notices.
The city said it encourages property owners to visit BC Assessment Authority to search their property, compare assessments and review recent sales of nearby properties to see if the assessment is reasonable.
Changes in property assessments do not automatically translate into a similar change in property taxes, according to the city. If the assessment percentage increase is the same as the average residential increase for the City of Parksville, then the city’s portion of an owner’s property taxes will likely rise by only the amount of the tax increase set by council following budget deliberation meetings in the spring.
For the City of Parksville, the 2021 typical assessed value (on July 1, 2020), of a single-family residential property was $505,000. The 2022 typical assessed value (on July 1, 2021) is $677,000, an increase of 34 per cent.
The Province of BC home owner grant for 2022 for northern or rural areas (outside Metro Vancouver, Fraser Valley and Capital Regional districts) is as follows:
-Up to $770 for the basic homeowner grant.
-Up to $1,045 where the homeowner is 65 years or older or the homeowner is a person with a disability.
In May, after receiving their municipal property tax notice, residents should apply online for the home owner grant on the BC Government website. Homeowners with more complex situations can get help by phone at 1 800 663-7867 or from a ServiceBC Centre. Assessment roll and jurisdiction numbers are needed to apply. Homeowners may also be eligible for property tax deferment if 55 or older or financially supporting a dependent child.