BC Assessment has released the 2018 Kootenay Columbia Property Assessment notices, and across the region, most housing values are up. The Assessment Notice shows a range of increases, and in some cases decreases, from down five per cent to up twenty per cent. This is true for condos as well as single detached homes, although commercial and light industrial saw increases that topped out at fifteen pre cent.
Overall, the Kootenay Columbia region’s total assessments increased from $38.6 billion in 2017 to $40.87 billion this year. A total of almost $460 million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Kootenay Columbia region covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” says Deputy Assessor Ramaish Shah. “Some markets have moved more than others. Revelstoke, for instance, has seen strong demand for housing over the past year. Some areas have seen a decrease in demand as well, and this is reflected in the current assessed values.”
In Kimberley, the average assessed value of a single family home rose by six per cent to $266,000. Last year’s average price was $251,000. In Revelstoke, assessed value rose by 21.1 per cent, the largest in the region. Cranbrook values rose 3.5 per cent; Fernie rose 7.4 per cent and Invermere only .2 per cent.
While it used to be possible to compare neighbourhood to neighbourhood averages, BC Assessments no longer provides that breakdown.
You can however, go to bcassessments. ca and type in any address to get a better idea of property values in your neighbourhood.
Property owners receiving their assessment will often assume
that an increase in their property assessment automatically
translates into an increase in their property tax bill. This is not necessarily the case, since the determination of local tax rates is ultimately based on the budget requirements of the taxing authority, in this case the City of Kimberley, RDEK, School Board etc. It also depends on how close to the average your home price is. Assessed value is multiplied by Kimberley’s tax millrate to determine the actual taxes paid.
Changes in property values can also vary greatly from property to property.
Homeowners in Kimberley and area should all receive their assessments by mail this week. Although 98 per cent of property owners across the province accept their assessment, there is recourse if you do not agree. Contact BC Assessment as noted on your property assessment notice by January 31, 2018 if you would like it reviewed.
“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Shah.
“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 31st, for an independent review by a Property Assessment Review Panel,” adds Shah.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.