The examples listed here demonstrate Cranbrook market trends for residential properties by geographic area.

The examples listed here demonstrate Cranbrook market trends for residential properties by geographic area.

Local property values increasing for 2015

Assessment notices being sent out to Cranbrook area residents

  • Jan. 2, 2015 6:00 p.m.

Owners of more than 14,000 properties in the City of Cranbrook and the surrounding area can expect to receive their 2015 assessment notices in the next few days.

“Most homes in Cranbrook are worth more in value compared to last year’s Assessment Roll,” said Rod Ravenstein, Kootenay Region Deputy Assessor. “Most home owners in the City of Cranbrook will see modest increases depending on their location. For example, a typical single family home in Cranbrook that was previously assessed at $252,000 was valued at $257,000 in the summer of 2014.”

Overall, Cranbrook’s Assessment Roll increased from $2.66 billion last year to $2.71 billion this year. This value reflects a change due to market movement as well as $30.1 million in growth due to subdivisions, rezoning and new construction.

In addition, owners of commercial and industrial properties in Cranbrook will typically see changes ranging from +/- 5%.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2014, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Ravenstein.

“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 February 2, for an independent review by a Property Assessment Review Panel,” added Ravenstein.www.bcassessment.ca We Value BC The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.

The East Kootenay assessment office is located at Suite 200, 117 Cranbrook St North in Cranbrook. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “CONNECT” at www.bcassessment.ca.

Visit www.bcassessment.ca for more information about the 2015 Assessment Roll including lists of 2015’s top 100 most valuable residential properties across the province.

Of note, BC Assessment has launched a newly-enhanced version of its free e-valueBC service that allows the general public to search, check and compare properties online from across the province. Improved navigation, an interactive map and inclusion of property street-front imagery are among the new features. Also new for 2015, BC Assessment has updated its Customer Service Standards which include commitments to be open & transparent, fair & accurate, timely & accessible, knowledgeable & respectful, and innovative & collaborative.

“Our service commitments and standards clearly indicate the level of service that you can expect from BC Assessment and ensure we focus on customer needs as we continue to deliver excellent service,” said Ravenstein.