Property assessment estimates for single-family residential properties rose sharply across the East Kootenay last year.
In Cranbrook, the typical assessed value rose by 21 per cent, from $327,000 to $397,000 while Kimberley rose by 19 per cent, from $339,000 to $404,000, according to BC Assessment.
Typical assessed values for condominiums and townhouses in Cranbrook also rose by 20 per cent, climbing from $184,000 to $221,000.
“Homeowners in the Kootenay Columbia region can expect noticeable increases in their 2022 assessments compared to last year,” said Sharlynn Hill, Kootenay Columbia Deputy Assessor. “The demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types. The year over year change in the typical values has been relatively consistent throughout all the region’s communities and generally on par with the 15 to 35 percent upward changes happening for most of British Columbia’s properties.”
In the Kootenay-Columbia region, the City of Greenwood had the highest percentage increase at 53 per cent, rising from an average of $149,000 to $228,000, while the Village of Slocan followed up at 51 per cent, going from $196,000 to $295,000.
From a regional perspective, Kootenay-Columbia assessed 149,609 properties, with the total assessment increasing from approximately $49.8 billion to $60.7 billion over the last year. Total value for new construction, subdivision and zoning is estimated at $725 million.
The top assessed property in the region is a single family residential property in Windermere valued at $7.8 million. The top assessed property closest to Cranbrook and Kimberley is an acreage out near Wasa valued at $4.5 million.
Assessments can be challenged through an appeals process that typically occurs in February and March involving an independent review board.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said 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.”
Additionally, if any properties in the region were affected by landslides or floods in 2021, the owners are encouraged to contact BC Assessment.