A hot real estate market has bumped up house prices in the Kootenays over the past months, and its being reflected in residents’ annual BC Assessment.
The Kootenay Columbia region, which covers the area from Fernie to Grand Forks and Revelstoke to Cranbrook, saw total assessments increase from about $46.6 billion in 2020 to almost $49.8 billion this year.
“The majority of Kootenay Columbia homeowners can expect a moderate increase in their 2021 assessments compared to last year,” says Deputy Assessor Sharlynn Hill. “Some of the smaller communities have experienced higher demand than previous years and that is reflected in this year’s assessments.”
About 150,000 owners of single family residential properties in the Kootenay Columbia will receive their 2021 assessment notices in the coming weeks.
The value of a house in the City of Trail went up 12 per cent from an average home assessed at $206,000 on July 1, 2019 to $230,000 on July 1, 2020.
Residential properties in Montrose grew 13 per cent from an average of $279,000 to $316,000, while Fruitvale jumped a modest 4 per cent, from $288,000 to $301,000.
Warfield increased 9 per cent from $255,000 to $277,000 and Rossland’s assessed value went up 5 per cent with an average home going for $362,000 in 2019 and $380,000 in 2020.
A total of about $488 million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
One of the highest jumps occurred in the Village of Salmo whose homes went up 19 per cent from $225,000 on average to $268,000. The other in Slocan, which also rose 19 per cent from $165,000 to $196,000.
Fernie boasts the highest average home priced at $606,000, followed by Revelstoke at $546,000, and Nelson at $504,000.
Property owners can go online (bcassessment.ca) and access information about their own property, or compare other properties anywhere in the province. Residents can also unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
“Property owners can find a lot of valuable 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, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Hill.
Property owners can contact one of BC Assessment’s appraisers to address any concerns and appeal their assessment before Feb. 1 by registering a Notice of Complaint with the Property Assessment Review Panel.
The Panel is independent of BC Assessment and appointed annually by the provincial government. They typically meet between Feb. 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Hill. “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.”
Go to bcassessment.ca or call 1-866-825-8322 for more info.