Property notices are in the mail, with average residential values in Cranbrook rising by nine per cent, according to the latest data from BC. Assessment.
That means the average residential value has increased from $283,000 to $307,000 based on data collected between July 2018 and July 2019, according to a press release.
Strata residential properties remain unchanged, with an average assessed value of $162,000.
“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.”
Up in Kimberley, average values have increased by seven per cent, going from $284,000 to $303,000, while Fernie is up nine per cent, going from $509,000 to $553,000.
The region’s total assessments increased form $43.6 billion to $46.7 billion, of which roughly $571 million came from updated assessments on new construction, subdivisions and rezoning properties.
The Village of Salmo had the highest increase, rising 20 per cent, going from $188,000 to $225,000. The Village of Warfield followed behind at 16 per cent, rising from $221,000 to $256,000.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said 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 concerned about their assessment can file a Notice of Complaint by Jan. 31 for an independent review by a Property Assessment Review Panel.
The most expensive assessed residential properties near Cranbrook is an 240-acre property out in the Wasa-Sheep Creek area, valued at just over $3 million.
A property on Windermere Lake holds the highest assessed value in Kootenay-Columbia at $5.6 million.