Jan 2010 11

Property Assessments Hold Steady

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Property assessments in Cowichan Valley have escaped the steep rise and fall of the real estate market.

According to Vancouver Island regional assessors, because the provincial government used a system last year that allowed homeowners to claim the lower of two years' assessments, the fluctuations of boom and bust do not materialise in most calculations.

"The market peaked in July 2008 or thereabouts and that would have been our valuation date for the 2009 roll," said assessor Bill MacGougan. "But because we went to the lesser of the previous two Julys what effectively happened for the assessment roll was that we didn't see the peak."

A market system helps property owners who may not have a good idea of what their property is worth but who want to see for themselves if the assessment of the value of their home is fair.

Property owners in the Vancouver Island Assessment Region can expect to receive their 2010 assessment notice in the next few days, if they have not received it already.

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