'Expect an increase' — Kootenay Columbia Property Assessment Notices in the mail
By Nelson Daily Staff
It’s that time of year when taxpayers get a handle on part of the cost-of-living equation in the New Year.
One of those expenses is reflected in theassessed value of their properties for 2017, which according to Ramaish Shah, Deputy Assessor for the Kootenay Columbia region, is increasing.
"The majority of residential home owners within the region can expect an increase, compared to last year's assessment," Shah, in a media release Tuesday.
"There are some markets that have moved more than others,” Shah adds.
“Nelson, 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 the next few days, owners of more than 143,000 properties throughout the Kootenay Columbia regioncan expect to receive their 2017 assessment notices, which reflect market value as of July 1, 2016.
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Shah said the table below indicates the Kootenay Columbia region'sestimated typical percentage changes to 2017 assessment values by property type compared to July, 2016 (note that property assessments may vary by individual jurisdiction/municipality within the region).
|
Property Type |
Kootenay Columbia Region 2017 Assessment Typical % Changes in Value (as of July 1, 2016) |
|
Residential Single Detached Homes |
-5% to +10% |
|
Residential Strata Units (e.g. condominiums) |
-10% to +10% |
|
Commercial |
-5% to +10% |
|
Light Industrial |
-5% to +10% |
He said overall, the Kootenay Columbia region's total assessments increased from $37.89 billion in 2016 to $38.60 billion this year.
Shah said this value reflects a change due to market movement as well as $491 million in growth due to subdivisions, rezoning and new construction.
The Kootenay Columbia region covers the southeast portion of province from Fernie to Grand Forks and from Revelstoke to Cranbrook.
The summary below provides estimates of typical 2016 versus 2017 assessed values of residential homes throughout the region.
These examples demonstrate market trends for single family residential properties by geographic area:
|
Jurisdiction |
2016 Assessment Roll (valuation date of July 1, 2015) |
2017 Assessment Roll (valuation date of July 1, 2016) |
|
City of Castlegar |
$264,000 |
$270,000 |
|
City of Cranbrook |
$269,000 |
$270,000 |
|
City of Fernie |
$448,000 |
$451,000 |
|
City of Grand Forks |
$194,000 |
$205,000 |
|
City of Greenwood |
$125,000 |
$123,000 |
|
City of Kimberley |
$228,000 |
$228,000 |
|
City of Nelson |
$333,000 |
$363,000 |
|
City of Revelstoke |
$325,000 |
$352,000 |
|
City of Rossland |
$255,000 |
$257,000 |
|
City of Trail |
$155,000 |
$159,000 |
|
District of Elkford |
$266,000 |
$272,000 |
|
District of Invermere |
$371,000 |
$380,000 |
|
District of Sparwood |
$310,000 |
$283,000 |
|
Town of Creston |
$225,000 |
$220,000 |
|
Town of Golden |
$281,000 |
$296,000 |
|
Village of Canal Flats |
$176,000 |
$151,000 |
|
Village of Fruitvale |
$216,000 |
$215,000 |
|
Village of Kaslo |
$197,000 |
$219,000 |
|
Village of Midway |
$176,000 |
$172,000 |
|
Village of Montrose |
$233,000 |
$231,000 |
|
Village of Nakusp |
$192,000 |
$209,000 |
|
Village of New Denver |
$194,000 |
$184,000 |
|
Village of Radium Hot Springs |
$328,000 |
$305,000 |
|
Village of Salmo |
$170,000 |
$172,000 |
|
Village of Silverton |
$232,000 |
$216,000 |
|
Village of Slocan |
$152,000 |
$168,000 |
|
Village of Warfield |
$193,000 |
$191,000 |
BC Assessment's website at bcassessment.ca includes more details about 2017 assessments, property information and trends such as lists of 2017's top valued residential properties across the province.
The website also provides self-service access to the free online e-valueBC service that allows anyone to search, check and compare 2017 property assessments anywhere in the province.
"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, 2016 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 Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.
The Kootenay Columbia Region Assessment offices are located at:
Nelson Office - 176 – 333 Victoria St., Nelson V1L 4K3
Cranbrook Office - 200 – 117 Cranbrook St. N, Cranbrook V1C 3P8
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 at bcasssessment.ca