B.C. property assessment values expected to rise up to 15%

Victoria, B.C., is pictured. (CTV News)

Most homeowners will see their property assessment values increase next year when BC Assessment's latest figures are released in January.

The corporation expects assessment values to increase by an average of five to 15 per cent compared to last year.

The assessments are based on values determined on July 1 of this year, and are compared to the same time period from the year before.

"Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined," said Bryan Murao, assessor with BC Assessment, in a release Monday.

"As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone," he said.

BC Assessment notes that if your property assessment value increases, that may not necessarily mean your property taxes will rise as well.

"Taxes are typically only affected if you are above the average value change for your community," said Murao.

"Our job is to make sure your assessment is a fair and accurate reflection of market value sales based on July 1," he said.

BC Assessment says its estimate that properties will increase in value by an average of five to 15 per cent is preliminary.

Confirmed property assessment information will be released on Jan. 3, 2023.

British Columbians will be able to search and compare 2023 property assessments through the BC Assessment website starting on Jan. 3.