BC Assessment released their 2014 property value assessments on Jan. 2, and Revelstoke experienced a relatively big drop in average residential and business property values when compared with communities in the region and across B.C.
In Revelstoke, the total drop for all residential property in Revelstoke between the 2013 and 2014 assessment was 6.16 per cent.
The total change for all commercial property in Revelstoke between the 2013 and 2014 assessment was -3.34 per cent. This category also includes other miscellaneous property categories.
Revelstoke is in the ‘Vernon’ assessment area, and experienced the biggest drop in total assessment value out of communities there.
In the Vernon assessment area, the average residential property value drop was 1.57 per cent.
According to BC Assessment, the value of an average Revelstoke home dropped from $322,000 on July 1, 2012 to $312,000 on the same date in 2013. 2014 assessments are based on the value on July 1 the year before.
“Most homes in the North Okanagan are remaining stable in value compared to last year’s assessment roll,” said Tracy Wall, Deputy Assessor. “Most home owners in the North Okanagan will see modest changes in the +5 per cent to -5 per cent range.”
Across B.C., the there was an approximately one-per-cent increase in the number of properties, now totalling 1,954,445. The total value of real estate in B.C. increased by about 1.35 per cent, for a total of $1.14 trillion.
Property owners can expect to receive their 2014 assessment notices in the mail in early January.