Property assessments in Cranbrook increased by an average of 3.5 per cent over last year, according to BC assessment, which has released notices for 143,000 properties in the Kootenay-Columbia region.
The regional assessment value rose from $38.6 billion to $40.87 billion over the last year, while a total of $460 million can be attributed to new construction, subdivisions and rezoning of properties, according to BC Assessment.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” says Deputy Assessor Ramaish Shah. “Some markets have moved more than others. Revelstoke, for instance, has seen strong demand for housing over the past year. Some areas have seen a decrease in demand as well, and this is reflected in the current assessed values.”
Outside of the Cranbrook area, Kimberley assessments rose by an average of six per cent, Fernie assessments rose by an average of 7.4 per cent, and Creston assessments rose by an average of 7.8 per cent.
The largest increases in assessment averages came from Revelstoke at 21.1 per cent, Village of Fruitvale at 17.2 per cent, and Rossland at 11.8 per cent.
In fact, all areas within Kootenay-Columbia experienced an increase in average assessment except for Elkford, which recorded no change over the last year.
For property types, residential single detached homes and residential strata units (such as condominiums) both had variances of a five per cent decrease and up to a 20 per cent increase, while commercial and light industrial properties experienced changes ranging from a decrease of five per cent up to an increase of 15 per cent.
“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, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says 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.
BC Assessment’s Kootenay Columbia region covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook.
Provincially, there are just over 2 million properties on the 2018 roll, an increase of 1.17 per cent over 2017. The total value of real estate is pegged at $1.86 trillion, an increase of 12 per cent from last year.