CRANBROOK — In the next
few days, owners of more than 147,500 properties throughout the Kootenay
Columbia region can expect to receive their 2020 assessment notices, which
reflect market value as of July 1, 2019.
"The majority of Kootenay Columbia home
owners can expect an increase when compared to last year’s assessments,"
says Deputy Assessor Ramaish Shah.
"The changes in home values are moderating in many cases as compared to
the past several years. Some communities, however, are seeing higher demand
than in previous years and that is reflected in this year’s assessments."
As B.C.'s trusted provider of property assessment information, BC
Assessment collects, monitors and analyzes property data throughout the year.
The table below indicates the Kootenay Columbia region's estimated range of
percentage changes to 2020 assessment values by property type compared to 2019. Please note property assessments may vary by
jurisdiction or municipality within the region.
Kootenay Columbia Region
Range of % Changes in Value
(as of July 1, 2019)
|Residential Single Detached Homes||-5% to +15%|
|Residential Strata Units (e.g. condominiums)||-5% to +20%|
|Commercial||-5% to +15%|
|Industrial||-10% to +10%|
Overall, Kootenay Columbia's total assessments increased from about $43.6 billion in 2019 to almost $46.7 billion this year. A total of about $571 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.
The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:
Single Family Home Changes by
2019 Typical Assessed Value
as of July 1, 2018
as of July 1, 2019
|City of Castlegar||$307,000||$320,000||+4.%|
|City of Cranbrook||$283,000||$307,000||+9%|
|City of Fernie||$509,000||$553,000||+9%|
|City of Grand Forks||$250,000||$253,000||+1%|
|City of Greenwood||$133,000||$134,000||+1%|
|City of Kimberley||$284,000||$303,000||+7%|
|City of Nelson||$461,000||$471,000||+2%|
|City of Revelstoke||$462,000||$509,000||+10%|
|City of Rossland||$335,000||$362,000||+8%|
|City of Trail||$196,000||$205,000||+5%|
|District of Elkford||$246,000||$248,000||+1%|
|District of Invermere||$397,000||$409,000||+3%|
|District of Sparwood||$255,000||$267,000||+5%|
|Town of Creston||$238,000||$263,000||+11%|
|Town of Golden||$332,000||$353,000||+6%|
|Village of Canal Flats||$175,000||$188,000||+7%|
|Village of Fruitvale||$276,000||$288,000||+5%|
|Village of Kaslo||$252,000||$268,000||+6%|
|Village of Midway||$212,000||$196,000||-7%|
|Village of Montrose||$271,000||$279,000||+3%|
|Village of Nakusp||$235,000||$237,000||+1%|
|Village of New Denver||$202,000||$207,000||+3%|
|Village of Radium Hot Springs||$264,000||$285,000||+8%|
|Village of Salmo||$188,000||$225,000||+20%|
|Village of Silverton||$247,000||$246,000||0%|
|Village of Slocan||$166,000||$165,000||-1%|
|Village of Warfield||$221,000||$256,000||+16%|
These examples demonstrate market trends for strata residential properties for the urban centres of Cranbrook and Nelson:
Strata Home Changes
as of July 1, 2018
as of July 1, 2019
|City of Cranbrook ||$162,000||$162,000||0%|
|City of Nelson ||$378,000||$411,000||+9%|
BC Assessment's website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020'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 2020 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. New for 2020, the website is fully mobile-friendly.
"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, 2019 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 Ramaish 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. "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."
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
Ramaish Shah, Deputy Assessor, BC Assessment
Tel. 1.866.825.8322 Ext. 21234