Wondering how the dollar value of your house stacks up next to last year’s number?
Previous: Average home most affordable in Trail
If you own a property in the West Kootenay, chances are good its value has gone up. In fact, Salmo saw the biggest regional increase at 20 per cent, followed by Warfield at 16 per cent.
According to the latest BC Assessment report of home valuations across the province, these figures are based on what was happening in the real estate market as of mid-summer 2019.
“The majority of Kootenay Columbia home owners can expect an increase when compared to last year’s assessments,” said deputy assessor Ramaish Shah, Jan. 2.
“The changes in home values are moderating in many cases as compared to the past several years,” he noted. “Some communities, however, are seeing higher demand than in previous years and that is reflected in this year’s assessments.”
Property values in Rossland generally went up eight per cent. This statistical average is followed by Trail at five per cent, and the Beaver Valley, depending upon the area, anywhere from three to five per cent.
BC Assessment’s website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020’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 2020 property assessments for anywhere in the province.
Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and access an 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, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Shah advises.
“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 31, for an independent review by a Property Assessment Review Panel.”
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and 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,” Shah said. “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.”
Overall, Kootenay Columbia’s total assessments increased from about $43.6 billion in 2019 to almost $46.7 billion this year.
Roughly $571 million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
Here are the average increases for single-family West Kootenay homes:
City of Rossland: $335,000 to $362,000 (+8%)
City of Trail: $196,000 to $205,000 (+5%)
City of Castlegar: $307,000 to $320,000 (+4%)
City of Nelson: $461,000 to $471,000 (+2%)
City of Grand Forks: $250,000 to $253,000 (+1%)
City of Greenwood: $133,000 to $134,000 (+1%)
Village of Fruitvale: $276,000 to $288,000 (+5%)
Village of Montrose: $271,000 to $279,000 (+3%)
Village of Salmo: $188,000 to $225,000 (+20%)
Village of Warfield: $221,000 to $256,000 (16%)
Village of Kaslo: $252,000 to $268,000 (+6%)
Village of Midway: $212,000 to $196,000 (-7%)
Village of Nakusp: $235,000 to $237,000 (+1%)
Village of New Denver: $202,000 to $207,000 (+3%)
Village of Silverton: $247,000 to $246,000 (0%)
Village of Slocan: $166,000 to $165,000 (0%)
BC Assessment’s Kootenay Columbia region covers the southeast portion of BC from Fernie to Grand Forks and from Revelstoke to Cranbrook.