The property was listed number 88 in the 100 top valued residential properties for Vancouver Island

Ladysmith’s most valuable property is a $5.8 million oceanfront acreage at 11800 Elliot Way.

The property was listed as number 88 in the 100 top valued residential properties for Vancouver Island. Last year the property was listed as number 70.

RELATED: Ladysmith area’s most valuable home assessed at nearly $6 million

Owners of more than 374,600 properties throughout Vancouver Island can expect to receive their 2020 assessment notices that reflect market value as of July 1, 2019.

“The market has stabilized in most areas of Vancouver Island this year,” says Vancouver Island Assessor Tina Ireland. “In the south part of Vancouver Island, the majority of residential property values are moving -5% to +5%, while up island the value increases are a little higher. The commercial and industrial markets are generally showing increases over last year’s assessments.”

Assessments on residential single detached homes went from -5 percent to + 15 percent for Central & North Vancouver Island. Residential Strata Units went from -5 percent to +20 percent. Commercial properties went from -5 percent to +25 percent. Light industrial properties went from 0 percent to + 20 percent.

The typical assessed values in Ladysmith have increased from $426,000 to $445,000, an increase of 5 percent. Residents concerned with the assessment of their property can issue a Notice of Complaint to BC Assessment by January 31 for an independent review by a Property Assessment Review Panel.

“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” Ireland said. “As indicated on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”