CRANBROOK, British Columbia, Jan. 03, 2023 (GLOBE NEWSWIRE) -- In the next few days, owners of almost 150,000 properties throughout the Kootenay Columbia region can expect to receive their 2023 assessment notices, which reflect market value as of July 1, 2022.
"Most homeowners throughout the Kootenay Columbia region can expect an increase in assessed value between 5% and 20% with a handful of communities higher than that range,” says Kootenay Columbia Deputy Assessor Sharlynn Hill. “Property owners need to consider that 2023 assessments are based on the market value as of July 1, 2022, meaning what your home could have sold for last summer and not necessarily what it would sell for in today’s shifting market.”
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Kootenay Columbia’s total assessments increased from $60.6 billion in 2022 to over $69.7 billion this year. Almost $883 million of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s Kootenay Columbia region covers the southeast portion of the province from the Alberta border west to the Okanagan and from the US border north to Golden and Revelstoke.
The summaries below provide estimates of typical 2022 versus 2023 assessed value changes of residential properties for each community throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:*
Single Family Home Changes by Community | 2022 Typical Assessed Value as of July 1, 2021 | 2023 Typical Assessed Value as of July 1, 2022 | % Change | |||
| City of Castlegar | $422,000 | $497,000 | +18 | % | ||
| City of Cranbrook | $396,000 | $446,000 | +13 | % | ||
| City of Fernie | $705,000 | $838,000 | +19 | % | ||
| City of Grand Forks | $362,000 | $403,000 | +11 | % | ||
| City of Greenwood | $222,000 | $235,000 | +6 | % | ||
| City of Kimberley | $403,000 | $472,000 | +17 | % | ||
| City of Nelson | $644,000 | $675,000 | +5 | % | ||
| City of Revelstoke | $718,000 | $801,000 | +12 | % | ||
| City of Rossland | $500,000 | $579,000 | +16 | % | ||
| City of Trail | $302,000 | $350,000 | +16 | % | ||
| District of Elkford | $290,000 | $344,000 | +18 | % | ||
| District of Invermere | $527,000 | $589,000 | +12 | % | ||
| District of Sparwood | $324,000 | $415,000 | +28 | % | ||
| Town of Creston | $360,000 | $414,000 | +15 | % | ||
| Town of Golden | $518,000 | $553,000 | +7 | % | ||
| Village of Canal Flats | $277,000 | $285,000 | +3 | % | ||
| Village of Fruitvale | $383,000 | $418,000 | +9 | % | ||
| Village of Kaslo | $393,000 | $470,000 | +20 | % | ||
| Village of Midway | $293,000 | $338,000 | +15 | % | ||
| Village of Montrose | $410,000 | $437,000 | +7 | % | ||
| Village of Nakusp | $342,000 | $387,000 | +13 | % | ||
| Village of New Denver | $286,000 | $361,000 | +26 | % | ||
| Village of Radium Hot Springs | $397,000 | $454,000 | +14 | % | ||
| Village of Salmo | $319,000 | $375,000 | +18 | % | ||
| Village of Silverton | $312,000 | $394,000 | +26 | % | ||
| Village of Slocan | $295,000 | $381,000 | +29 | % | ||
| Village of Warfield | $370,000 | $385,000 | +4 | % | ||
*All data calculated based on median values.
These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) for the urban centres of Cranbrook and Nelson:*
Strata Home Changes (Condos/Townhouses) By Community | 2022 Typical Assessed Value as of July 1, 2021 | 2023 Typical Assessed Value as of July 1, 2022 | % Change | |||
| City of Cranbrook | $221,000 | $247,000 | +12 | % | ||
| City of Nelson | $513,000 | $559,000 | +9 | % | ||
*All data calculated based on median values.
BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments, property information and trends such as lists of 2023’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 2023 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 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, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor Sharlynn Hill.
“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,” adds Hill.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 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."
Have questions?
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-8258322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
Media contact: Sharlynn Hill - Kootenay Columbia BC Assessment Deputy Assessor Tel. 1.866.825.8322 Ext. 22232 / Cell 1-250-420-7278 / Email: sharlynn.hill@bcassessment.ca
MEDIA BACKGROUNDER
January 3, 2023
Facts on B.C. Property Assessments and the 2023 Assessment Roll
- Total number of properties on the 2023 Roll is 2,160,828, an almost one percent increase from 2022.
- Total value of real estate on the 2023 Roll is over $2.72 trillion, an increase of nearly 12 percent from 2022.
- Total amount of ‘non-market change’, including new construction, rezonings and subdivisions is approximately $33.52 billion, a decrease of almost one percent from the 2022 Roll of $33.85 billion.
- In B.C., approximately 88 percent of all properties are classified with some residential (Class 1) component. This equates to $2,101,693,283,358 of the value on the total provincial roll.
- Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment. Assessments are the estimate of a property’s market value as of July 1, 2022 and physical condition as of October 31, 2022. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
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