Shock and awe as new assessment figures show big hike

220105 – The big number that taxpayers have been looking for is the average assessment increase for the city over all. That determines closely how much the tax increase, or decrease, will be when the bills come out from the city. 

Nanaimo’s average single-family property rose to $704,000 from $527,000 last year, a 34-per cent hike. Strata homes rose 25 per cent over 2021, to $402,000 from $323,000.

But just because property values take a big leap it doesn’t necessarily mean higher property taxes. To get a rough idea of your own situation, take your own assessment change and compare it to the 34 per cent average. If your change is the same, expect the status quo with the city’s five per cent tax hike kicking in. 

Simple, but complicated. The city's share is followed by school taxes and various other smaller categories – school district, regional district, hospital authority, assessment authority and municipal finance authority.

None of Nanaimo’s properties made it into the top 500 of B.C.’s highest assessed value properties.

Nanaimo's top 10 listings ranged from a high of $4,787,000 to the tenth spot at $2,835,000. Lantzville has the highest single property assessment at $6,178,000.

The top commercial/industrial/institutional assessment was Woodgrove Centre at $204,899,000 with Vancouver Island University at $170,437,000. See the top ten in this category HERE.

The big winner in the soaring assessments is the provincial treasury which will cash in big with the property transfer tax on every home that is sold. Read HERE