by Lone Sheep Publishing on Tuesday Jan 03 2023
The Kootenay Columbia branch off the BC Assessment Authority said in a media release that owners of about 150,000 properties throughout the Kootenay, Columbia and Boundary regions can expect to receive their 2023 assessment notices, which reflect market value as of July 1, 2022.
"Most homeowners throughout the Kootenay Columbia region can expect an increase in assessed value between 5% and 20% with a handful of communities higher than that range,” says Kootenay Columbia Deputy Assessor Sharlynn Hill in the media release.
“Property owners need to consider that 2023 assessments are based on the market value as of July 1, 2022, meaning what your home could have sold for last summer and not necessarily what it would sell for in today’s shifting market.”
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Kootenay Columbia's total assessments increased from $60.6 billion in 2022 to over $69.7 billion this year. Almost $883 million of the region's updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment's Kootenay Columbia region covers the southeast portion of the province from the Alberta border west to the Okanagan and from the US border north to Golden and Revelstoke.
The summaries below provide estimates of typical 2022 versus 2023 assessed value changes of residential properties for each community throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:*
BC Assessment said its website at bcassessment.ca includes more details about 2023 assessments, property information and trends such as lists of 2023'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 2022 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
“Property owners can find a lot of valuable 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, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Deputy Assessor Sharlynn Hill.
“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 31, for an independent review by a Property Assessment Review Panel," adds Hill.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, 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 Hill.
"As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."