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Assessment notices are in the mail
The B.C. Assessment Authority released its 2014 property assessment rolls Thursday, showing continued slight growth in total property values in most regions of B.C. The value of all property in B.C. rose 1.27 per cent, despite declines in most regions for farm, recreational and managed forest land.
As 2014 marks BC Assessment's 40th anniversary, owners of more than 14,000 properties in the City of Cranbrook and the surrounding area can expect to receive their 2014 assessment notices in the next few days.
"Most homes in Cranbrook are remaining stable in value compared to last year's assessment roll," said Rod Ravenstein, Kootenay Region Deputy Assessor. "Most home owners in the City of Cranbrook will see only modest changes depending on location. For example, a typical single family home in Cranbrook that was previously assessed at $250,000, was valued at $253,000 in the summer of 2013."
Overall, the City of Cranbrook's Assessment Roll increased from $2.63 billion last year to $2.66 billion this year. This value reflects a modest change due to market movement as well as $24.5 million in growth due to subdivisions, rezoning and new construction.
Property assessments are up slightly across most of B.C., with dips in average residential values in the Okanagan and on Vancouver Island.
The biggest increases were in the Northwest and Peace River regions, where total residential value rose about 10 per cent as natural gas and other industrial development picks up speed.
In the Kootenays, residential property value was up 1.21 per cent in the Nelson-Trail region, and up 1.31 per cent in the East Kootenay.
In addition, owners of commercial and industrial properties in the City of Cranbrook will see modest changes in the zero to five per cent range.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” said Ravenstein.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” added Ravenstein.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.
The East Kootenay assessment office is located at Suite 200, 117 Cranbrook St. North in Cranbrook. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “CONNECT” at www.bcassessment.ca.
Visit www.bcassessment.ca for more information about the 2014 Assessment Roll including lists of 2014’s top 100 most valuable residential properties across the province.