Dear Ms. Fair, Our combined associations represent residential and commercial property owners and renters on Mayne and Saturna islands and have been approached by concerned landowners of large parcels of undeveloped or underdeveloped land (+25 acres). Almost all of these properties have seen their assessments increase (many by more than 25% from the previous year) at a time when the assessed and actual value of properties on these islands has declined significantly. Our members would like to gain an understanding of BC Assessment’s approach to evaluating property values. Specifically: 1. An explanation of the valuation process, including the econometric model. 2. The actual inputs and parameters, specific to Mayne and Saturna islands, that are used in the econometric model. We are particularly interested in those inputs and parameters used for large parcels of land. 3. How those inputs and parameters changed between July 2013 and July 2014. The Saturna and Mayne island economies have never rebounded from the 2008 financial crisis and with ferry costs skyrocketing and uncertainty as to future service levels (and continued fare hikes) property prices and sales have plummeted. We are therefore flummoxed by the divergent changes on properties, where some have increased substantially in value while the majority has seen a decline. We look forward to your timely reply. Sincerely, Eva Hage, President, SIRRA Ian Dow, President, MIRRA