The increase is the third-highest on the island, behind Langford and Metchosin

By comparison, Central Saanich and North Saanich saw increases of only 14 per cent each. (BC Assessment)

The average home in the Town of Sidney is valued at 20% higher than last year, according new figures released by B.C. Assessment.

Last year’s assessment priced the average Sidney home at $528,000, whereas this year it is $632,000. This is the third-largest increase in the Greater Victoria area, behind Langford and Metchosin, where the average home price jumped 21 and 25 per cent, respectively.

Elsewhere on the Peninsula, Central Saanich and North Saanich both saw increases of 14 per cent. The average home in Central Saanich is now valued at $699,000 compared to $614,000 last year, and the average home in North Saanich is now valued at $876,000 compared to $767,000 last year.

Each property owner in the province should expect their own 2018 assessment notices in the mail over the coming days.

The most expensive home in the Vancouver Island region is once again on James Island, an acreage valued at $54.4 million. Closer to home, the most expensive home on the Peninsula is a $9,591,000 home on Lands End Rd. in North Saanich, which takes the #13 spot.

The most expensive house in the province continues to be Chip Wilson’s home in the Point Grey neighbourhood of Vancouver. The Lululemon founder’s waterfront property is assessed at $78.8 million this year.

Annually, BC Assessment grades the value of homes by analyzing a number of factors including current sale prices in the neighbourhood, property size, age, quality, condition, view and location. The resulting assessment reflects the market value as of July 1.

Homeowners that don’t agree with their assessment have the option to appeal their notice.

“Those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Assessor Tina Ireland.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by Jan. 31, for an independent review by a Property Assessment Review Panel,” adds Ireland. The Property Assessment Review Panel is independent of BC Assessment.

BC Assessment Fact Sheet

Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

Assessments are the estimate of a property’s market value as of July 1, 2017 and physical condition as of October 31, 2017. This common valuation date ensures there is an equitable property assessment base for property taxation.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.

BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise over $7.5 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.

You can find out more about the assessment process here.

With files from Keri Coles/Oak Bay News