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Condo fire One man sent to hospital suffering from smoke inhalation. Food Matters Healthy choices often influenced by economic factors. Youth business Junior Achievement program looking for leaders. OPTOMETRIST ON SITE! Dr. Anita Lau Optometrist (INDEPENDENT DOCTOR OF OPTOMETRY)
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Assessments show stable home values
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NOTICES MAILED to owners earlier this week in mid-Island. BY TOBY GORMAN THE NEWS BULLETIN
Stability continues to settle over local property assessments in the Nanaimo area compared to the mid-2000s, but a slight downward trend is beginning to show signs of momentum. Prior to the 2008 recession, Nanaimo’s real estate market saw assessment gains up to 20 per cent annually for several years in a row. That trend stopped in 2010 with sales slowing while property values increased marginally, resulting in slower development. Newly released assessments for 2013 by B.C. Assessment reveal modest changes of minus 10 per cent to positive five per cent in the Nanaimo region, according to Bill MacGougan, Vancouver Island regional assessor. “If there is any shift at all it is down but it is so small we wouldn’t call it a shift,” said MacGougan. “But yes, looking across the board in most markets we’re seeing very minor decreases.” 2013 assessments have been mailed out to nearly 48,000 property owners throughout Nanaimo, Lantzville and surrounding rural areas. Those with access to e-post at www.bcassessment.ca can view their assessment now. In Nanaimo, the average cost of a single-family dwelling as
VOL. 24, NO. 107
NANAIMO
Hang time Samuel Camp, 11, launches off the stairs at Swy-a-lana Lagoon Park Dec. 27 on a Razor scooter he and his brother got for Christmas. CHRIS BUSH/THE NEWS BULLETIN
of the July 1 valuation date was $322,200, down from $331,300 the year before and $334,000 in 2010. In Lantzville, an average single-family dwelling is down to $374,900 from $399,300 in 2012. Overall, the area’s taxable residential assessment roll is $14.5 billion, with $192 million in new residential value being added due to changes including subdivision, rezoning and new construction. Commercial property assessments have also changed in the minus 10 per cent to positive five per cent range, with a total assessment roll of $1.9 billion, and a total of almost $83 million in new commercial value added. Still, residential properties account for 90 per cent of the area’s assessment roll. “When these notices come out people may be thinking all sorts of different things but the fact is their biggest asset is holding its value and this (assessment role) is confirmation of that,” said MacGougan. Brian Clemens, director of finance for the City of Nanaimo, said once the city receives an accumulation of all of the assessment notices, it can calculate an average change citywide. Once that is done, it can input the values into the online property tax calculator at www. nanaimo.ca so residents can determine what their 2013 property taxes will be before Homeowner Grant and other adjustments. The calculator is expected to have the new 2013 values calibrated into it later this month. ◆ See ‘TAX’ /4
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