CRANBROOK — In the next few days, owners of more than 144,000 properties throughout the Kootenay Columbia region can expect to receive their 2019 assessment notices, which reflect market value as of July 1, 2018.
"The majority of residential home owners within the region can expect an increase compared to last year's assessment," says Deputy Assessor Ramaish Shah. "The demand for housing in our resort communities has been even stronger 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 2019 assessment values by property type compared to 2018. Please note property assessments may vary by jurisdiction or municipality within the region.
|Residential Single Detached Homes||0% to +30%|
|Residential Strata Units (e.g. condominiums)||0% to +10%|
|Commercial||5% to +20%|
|Light Industrial||5% to +20%|
Overall, Kootenay Columbia's total assessments increased from about $40.8 billion in 2018 to more than $43.6 billion this year. A total of about $453 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 average 2018 versus 2019 assessed values of properties throughout the region. The average is represented by the median, or mid point, value which removes the influence of outliers.
These examples demonstrate market trends for single-family residential properties by geographic area:
|City of Castlegar||$285,000||$316,000||+11%|
|City of Cranbrook||$279,000||$296,000||+6%|
|City of Fernie||$465,000||$522,000||+12%|
|City of Grand Forks||$229,000||$259,000||+13%|
|City of Greenwood||$136,000||$148,000||+9%|
|City of Kimberley||$242,000||$285,000||+18%|
|City of Nelson||$391,000||$462,000||+18%|
|City of Revelstoke||$424,000||$500,000||+18%|
|City of Rossland||$286,000||$338,000||+18%|
|City of Trail||$175,000||$201,000||+15%|
|District of Elkford||$270,000||$268,000||0%|
|District of Invermere||$367,000||$404,000||+10%|
|District of Sparwood||$295,000||$292,000||-1%|
|Town of Creston||$239,000||$244,000||+2%|
|Town of Golden||$326,000||$359,000||+10%|
|Village of Canal Flats||$153,000||$199,000||+30%|
|Village of Fruitvale||$253,000||$283,000||+12%|
|Village of Kaslo||$229,000||$260,000||+14%|
|Village of Midway||$197,000||$228,000||+16%|
|Village of Montrose||$234,000||$270,000||+15%|
|Village of Nakusp||$221,000||$249,000||+13%|
|Village of New Denver||$181,000||$214,000||+18%|
|Village of Radium Hot Springs||$325,000||$331,000||+2%|
|Village of Salmo||$189,000||$199,000||+5%|
|Village of Silverton||$219,000||$252,000||+15%|
|Village of Slocan||$168,000||$174,000||+4%|
|Village of Warfield||$196,000||$221,000||13%|
These examples demonstrate market trends for strata residential properties for the urban centres of Cranbrook and Nelson:
|City of Cranbrook - Condominiums||$111,000||$119,000||+7%|
|City of Nelson - Condominiums||$336,000||$370,000||+10%|
|City of Cranbrook - Townhomes||$193,000||$206,00||+7%|
|City of Nelson - Townhomes||$318,000||$388,000||+22%|
BC Assessment's website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019'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 2019 property assessments for anywhere in the province. As a new option, property owners can unlock additional property search features by registering for a free BC Assessment custom account to store/access favourites, create comparisons and use our new interactive map.
"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, 2018 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 Finance, 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. "How your assessment changes relative to the average change in your community is what may affect your property taxes."
The Kootenay Columbia BC Assessment offices are located at:
176 – 333 Victoria St.
Nelson V1L 4K3
200 – 117 Cranbrook St. N
Cranbrook V1C 3P8
During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
Ramaish Shah, Deputy Assessor, BC Assessment
Tel. 1.866.825.8322 Ext. 21234 Email: email@example.com