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Kootenay/Columbia 2018 Property Assessment Notices in the mail

The majority of residential home owners within the region can expect an increase compared to last year’s assessment says Deputy Assessor Ramaish Shah. — Submitted photo

Property assessments are out, and as predicted, many homes in the West Kootenay/Boundary will notice jumps between 5.4 and 11.8 percent.

BCA Kootenay Columbia Assessment Region said in a media release Tuesday that during the next few days more than 143,000 properties throughout the Kootenay Columbia region will receive their 2018 assessment notices.

These assessments 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,” says 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 areas have seen a decrease in demand as well, and this is reflected in the current assessed values.”

Rossland is among the larger cities that top the list of percentage increase in the Boundary/West Kootenay at 11.8 percent ($271,000 to $303,000) followed by Grand Forks at 9.9 percent ($213,000 to $234,000) and Nelson at 9.3 percent ($378,000 to $413,000).

Trail sees an 8.9 percent increase with Castlegar at 5.4 percent.

Shah said in the release as B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

Shah said overall, the Kootenay Columbia region’s total assessments increased from $38.6 billion in 2017 to $40.87 billion this year.

A total of almost $460million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Kootenay Columbiaregion covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook.

BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’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 2018 property assessments for 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, 2017 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 Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

The summary below provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the region.

These examples demonstrate market trends for single-family residential properties by geographic area:

 

Community

2017 Assessment

(valuation date

of July 1, 2016)

2018 Assessment

(valuation date

of July 1, 2017)

Percentage Change in

Value

(2018 vs. 2017)

City of Castlegar

$280,000

$295,000

+5.4%

City of Cranbrook

$288,000

$298,000

+3.5%

City of Fernie

$471,000

$506,000

+7.4%

City of Grand Forks

$213,000

$234,000

+9.9%

City of Greenwood

$130,000

$141,000

+8.5%

City of Kimberley

$251,000

$266,000

+6.0%

City of Nelson

$378,000

$413,000

+9.3%

City of Revelstoke

$360,000

$436,000

+21.1%

City of Rossland

$271,000

$303,000

+11.8%

City of Trail

$179,000

$195,000

+8.9%

District of Elkford

$281,000

$281,000

0.0%

District of Invermere

$455,000

$456,000

+0.2%

District of Sparwood

$296,000

$309,000

+4.4%

Town of Creston

$232,000

$250,000

+7.8%

Town of Golden

$302,000

$335,000

+10.9%

Village of Canal Flats

$207,000

$208,000

+0.5%

Village of Fruitvale

$221,000

$259,000

+17.2%

Village of Kaslo

$230,000

$241,000

+4.8%

Village of Midway

$183,000

$209,000

+14.2%

Village of Montrose

$242,000

$245,000

+1.2%

Village of Nakusp

$213,000

$227,000

+6.6%

Village of New Denver

$195,000

$196,000

+0.5%

Village of Radium Hot Springs

$311,000

$337,000

+8.4%

Village of Salmo

$185,000

$197,000

+6.5%

Village of Silverton

$250,000

$251,000

+0.4%

Village of Slocan

$166,000

$167,000

+0.6%

Village of Warfield

$209,000

$218,000

+4.3%

 The table below indicates the Kootenay Columbia region‘s estimated typical percentage changes to 2018 assessment values by property type compared to 2017 (note that property assessments may vary by individual jurisdiction/municipality within the region).

 

 

Property Type

Kootenay Columbia Region

2018 Assessments

Range of % Changes in Value

(as of July 1, 2017)

Residential Single Detached Homes

-5% to 20%

Residential Strata Units (e.g. condominiums)

-5% to 20%

Commercial

-5% to 15%

Light Industrial

-5% to 15%