Homeowners across the Kootenay region will be shortly receiving their 2019 property assessment notices, which reflect the market value as of July 1, 2018.
Single-family residential properties in Cranbrook rose by an average of six per cent, while the value of condominiums and townhomes also rose by seven per cent.
“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.”
In Kimberley, the value of single-family residential properties jumped by 18 per cent, while Fernie also rose by 12 per cent.
The Village of Canal Flats had the biggest jump in assessed value at 30 per cent, while the Village of Sparwood decreased by one per cent.
Across the Kootenay-Columbia region, total property assessment increased to $43.6 billion from $40.8 billion. Roughly $453 million can be attributed to new construction, subdivisions and property rezoning.
Regionally, commercial and light industrial assessment values are also up between five and 20 per cent.
The top valued assessment in Kootenay Columbia is a waterfront property on Windermere Lake valued at $5.5 million. The highest assessed property near Cranbrook is an acreage near Wasa valued at 2.8 million.
Provincially, the value of the 2019 roll is $1.99 trillion, which is an increase of 7.45 per cent from last year, while new construction, rezonings and subdivisions are valued at $31.38 billion.
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,” said 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.”
According to BC Assessment, over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Shah said. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”