Property values have gone up an average of 18 per cent this year.
The 2019 assessment notices were mailed last week, which reflect the market value of the property as of July 1, 2018.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” says Deputy Assessor Ramaish Shah in a news release. “The demand for housing in our resort communities has been even stronger and that is reflected in this year’s assessments.”
As B.C.’s provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. Property assessments may vary by jurisdiction or municipality within the region.
Overall, Kootenay Columbia’s total assessments increased from about $40.8 billion in 2018 to more than $43.6 billion this year.
A total of about $453 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.
In the Kootenay Columbia region, the lowest assessments on average were in the district of Sparwood, which decreased by 1 per cent. The biggest change was Canal Flats, which saw a 30 per cent increase.
Revelstoke’s 18 per cent increase was the same as Kimberly, Nelson, Rossland and New Denver, which was the second highest increase after Canal Flats.
According to BC Assessments Revelstoke is home to the third highest valued residential property in the region, in Arrow Height at just under $4.8 million.
The highest valued on the waterfront in rural Invermere coming in at around $5.5 million.
BC Assessment’s website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019’s top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2019 property assessments for anywhere in the province.
As a new option, property owners can unlock additional property search features by registering for a free BC Assessment custom account to store/access favourites, create comparisons and use our new interactive map.
“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, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said 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.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Shah. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
This year BC Assessments say a 1 per cent increase in the number of properties that they assessed. The total value of these properties is $1.99 trillion which is an increase of 7.45 per cent.
The City of Revelstoke will calculate property tax rates based on the assessment roll of the jurisdiction as part of the budgeting process this spring.