I spent quite a few years sitting on a property assessment review panel, three of them in Victoria on the panel reviewing residential assessments in the area covered by School District #61 - Greater Victoria.
If you want some help to decide if you should appeal your assessment, drop me a line and I can give you some quick guidance. Email me at bernard at shama.ca.
If you are not sure if you want to appeal or not, file an appeal. You have to file by the midnight on Feb 2nd. Odds are that this year you will not have a strong case for an appeal because BC Assessment is using the lower of the values from either July 1 2007 or July 1 2008.
One of the biggest reasons you may want to appeal is if you were renovating your house on October 31st and not yet finished.
If you do chose to appeal, I can help you understand the process. It is not a difficult one to understand, but it is one that has a number of nuances that you need to know about to be successful.