Revelstoke residential values drop by almost 9%

Residential values dropped and commercial values increased in Revelstoke over past year.

The average value of a home in Revelstoke dropped by nearly nine per cent over the past year, according to the 2012 assessment role by BC Assessment.

Meanwhile, the total value of commercial and other properties jumped by nearly 18 per cent.

Properties are assessed of July 1 of the previous year.

According to the data, the average value of a home in Revelstoke dropped to $330,000 from $364,000.

The total assessment of all residential properties declined by 8.77 per cent while commercial and other properties increased by 17.97 per cent. Those numbers include both changes in market value as well as non-market changes such as new construction or changes in classification, said Tracy Wall, the deputy assessor for the Okanagan Region.

The huge increase in the commercial role could be attributed to new construction, such as the completion of the Best Western Hotel, and the completion of new commercial properties at the base of Revelstoke Mountain Resort.

Province-wide, the total real estate value increased by 6.54 per cent to $964 billion, according to BC Assessment.

New construction and development accounted for $14.69 billion of the added value, with the rest coming from assessment increases in parts of the province. More than two million assessment notices are being mailed this month, leaving time for an appeal period before property taxes are assessed.

The province has also raised the eligibility threshold for the homeowners’ grant. Homes worth up to $1.285 million may be eligible to receive the entire homeowners’ grant this year, as a result of an annual review to make sure at least 95.5 per cent of eligible homeowners receive the full amount.

To appeal your assessment, visit the BC Assessment website.

With files from Tom Fletcher/Black Press