BC Assessment has sent out its 2018 property assessment notices, which reflect market value as of July 1, 2017.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” said 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 area have seen a decrease in demand as well, and this is reflected in the current assessed values.”
Within the City of Revelstoke, residential property values rose an average of 19.58 per cent, while outside city limits they rose 18.62 per cent.
This continues the trend in Revelstoke of property values going up. Last year, the value of residential properties rose 6.22 per cent. The year before, they rose by nearly 10 per cent.
Across the Kootenay Columbia region, which stretches from Fernie to Grand Forks and from Revelstoke to Cranbrook, total assessments increased to $40.87 billion from $38.6 billion last year.
BC Assessment says that about $460 million of that increase can be credited to new construction, subdivisions and rezoning of properties.
In Revelstoke, the average single-family home rose in value 21.1 per cent, sitting at $436,000 from $360,000 last year.
Business and other properties rose 7.88 per cent and light industry properties rose in value 13.34 per cent.
The most expensive home in Revelstoke, located near the ski hill on Mount Mackenzie, is currently worth $2,589,000.
While no Revelstoke-area homes made the list of the top 500 most-expensive residential properties in B.C. , nine did make the list of 100 top-valued residential properties in the Kootenay Columbia region.
Revelstoke topped the region in growth. The next highest growths in the region for single-family homes were seen in the Village of Fruitvale (17.2 per cent) and the Village of Midway (14.2 per cent).
Homeowners have until Jan. 31 to appeal their assessments.
“Property owners can find a lot of information on our website including answers to many assessment-related questions,” said Shah. “But those who feel that their property assessment does not reflect market values 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.”