2022 GOALS:
$1.50
Housing Action Committee outline priorities for the new year PAGE 3
inc. GST
THURSDAY, JANUARY 20, 2022
FRIENDS OF THE TRAILS
VOL. 48 NO. 01
BIUndercurrent
January’s friend: Vanessa
BowUndercurrent www.bowenislandundercurrent.com
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Bowen property assessments leap up
FOUR ISLAND PROPERTIES CRACK TOP 500 IN BC
ALEX KURIAL
Editor
CHARGE ME UP:
Bowen Island’s first public electric vehicle charging stations were installed on Tuesday. They’ll occupy a pair of spots directly bordering Bowen Island Trunk Road in the library parking lot, a location previously chosen through a public survey. For more information on the stations be sure to grab a copy of next week’s issue. Photo: Alex Kurial
Bowen Island is no stranger to the rise in provincial housing assessments this year. Estimates for 2022 were released earlier this month showing residential property values rose by double digits in every lower mainland municipality. On Bowen the final tally was a 25 per cent jump in assessed value. In 2021 the median value for an island home was assessed at $1,019,000. This year that’s up to $1,271,000. That means half of homes are valued above 2022’s number, and half below. “British Columbia’s real estate market remains highly active and that means most property owners can expect higher assessment values for 2022,” BC Assessment deputy assessor Bryan Murao said in a statement. “The widely reported heighted demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province.” One important question on
people’s minds was whether increases in assessed value are directly tied to increases in property value. This isn’t necessarily the case. “It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” Murao added. “How your assessment changes relative to the average change in your community is what may affect your property taxes.” For Bowen, that generally means if your assessment was less than a 25 per cent increase, your property tax is likely to go down. If your value rose more than 25 per cent, it’s likely to go up. An assessed value equal or close to 25 per cent likely won’t result in any change. Other tax factors can affect a person’s final property tax change, however in most cases these examples should prove accurate, according to the assessment agency.
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