The average assessed value of a single-family residential home in Cranbrook rose by 13 per cent between 2022 and 2023, rising from $396,000 to $446,000, according to annual data released by the BC Assessment Authority.
The 2023 assessments reflect market value as of July 1, 2022.
“Most homeowners throughout the Kootenay Columbia region can expect an increase in assessed value between 5 per cent and 20 per cent with a handful of communities higher than that range,” said Sharlynn Hill, Deputy Assessor for Kootenay Columbia.
“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.”
Cranbrook strata properties, such as townhouses and condos, rose by 12 per cent, going from $221,000 to $247,000.
To the immediate north, average assessed values of single-family residential homes in the City of Kimberley rose by 17 per cent, going from $403,000 to $472,000.
Average assessed values rose across the board in Kootenay-Columbia, with the Village of Slocan posting the highest percentage change at 29 per cent, with values rising from $295,000 to $381,000.
The Village of Canal Flats posted the smallest increase at three per cent, as values went from $277,000 to $295,000.
Unsurprisingly, resort communities had the highest average assessed values, as a single family home in City of Fernie is estimated at $838,000, while the City of Revelstoke follows behind at $801,000.
The home with the highest assessed value in the Kootenays is a lakefront property in Invermere, estimated at $8.4 million.
Overall, assessments in the region increased to $69.7 billion this year, with approximately $883 million coming from new construction, subdivisions, and property rezonings. Provincially, the value of the 2023 assessment role is over 2.72 trillion.
Increases in assessments does not necessarily mean increases in municipal taxes, according to the authority. How a homeowner’s assessment changes relative to the average change in their community is what will affect property taxes.
Homeowners can also challenge and appeal their assessment, as a review panel meets for six weeks starting in February to hear formal complaints.
Both Cranbrook and Kimberley will be setting their 2023 municipal property tax levies in the coming weeks as budget discussions are on the horizon.