Castlegar sees highest property value hikes in region
By Kyra Hoggan
“Castlegar has taken the cake this year,” – that from BC Assessment’s deputy assessor, Dennis Hickson, in regard to residential property values in the region for 2010.
He said the average increase in assessed value for single family dwellings in Castlegar is 4.66 per cent, compared with Nelson’s 1.92 per cent, Creston at 2.61 per cent, and Trail at 1.2 per cent.
“I’d say that’s good news – it shows resilience on the part of the Castlegar market,” Hickson said, adding Nelson has historically led the region in market-based value increases.
“It (Castlegar) is almost anomalous – most markets saw no change, or very minor change on a negative bias.”
In terms of dollar values, Hickson said the assessments, for which property owners can expect notices in the next couple of days, will see a typical single family dwelling that was assessed at $252,000 in 2009 increase to $265,000 for 2010.
Residential strata properties in Castlegar increased in assessed value an average 6.72 per cent, while commercial properties went up 2.11 per cent.
Hickson said a common theme throughout the Kootenays was a decrease in new construction/development, with Castlegar seeing $10.8 million in new residential and $2.5 million in new commercial, as compared to 2009 numbers, which landed at $17.6 million and $3.7 million, respectively.
“Overall, the City of Castlegar’s 2011 assessment roll remained unchanged at $1.2 billion,” he said. “The assessment roll comprising Castlegar’s rural area increased from $914 million last year to $954 million this year. This growth reflects changing market values for many properties but also includes subdivisions, rezoning and new construction.”
He also reiterated that increases in assessed value do not mean a corresponding increase in property taxes.
“Assessments are the estimate of a property’s market value as of July 1, 2010. This common valuation date ensures there is an equitable property assessment base for property taxation,” he said. “Real estate sales determine a property’s value which is reported annually by BC Assessment on assessment notices. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will decide their property tax rates based on the assessment roll for their jurisdiction.”
He also said that, for the first time in B.C.’s history, the total value of all 1.9 million real estate properties on the provincial assessment roll has surpassed $1 trillion. For more information on the 2011 assessment roll and regional and province-wide real estate market trends please visit www.bcassessment.ca and click on the 2011 assessment roll information link.
Comments