Nakusp residential property values decreased by 7. 84 per cent according to data released from BC Assessment Jan. 2. Commercial properties also declined, but by only by a modest 0.32 per cent.
The Village of Nakusp assessment roll decreased from $250 million last year to $234 million this year, a much smaller drop than in nearby Silverton and New Denver.
The hamlet of Silverton in the West Kootenay led the province in property assessment decline, hitting the mark of 19.15 per cent. Silverton was followed by its neighbour New Denver at 18.72 per cent. The rural area surrounding the three centres was also assessed at a lower value at $1.0 billion this year, down from $1.1 billion last year.
Although most homes have decreased moderately from last year’s assessment, the changes are quite variable depending on a property’s specific location, said Dennis Hickson, Deputy Assessor.
The northern areas of the province increased, with the Peace River area leading the way with 10.43 per cent. Prince George and area values also went up to the tune of 5.63 per cent.
The total value for real estate in the province was $1.107 trillion, up from last year’s $1.043 trillion.
Assessments are in the mail and making their way to homeowners. If you have an issue or disagreement with your assessment, contact BC Assessment as soon as possible in January, said Hickson.
“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,” he added.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development.