BC Assessment is releasing 2014 property assessments to more than 7200 property owners in Kimberley and surrounding areas in the next few days.
And rather than continuing the slight declining trend of the past few years, most home values are holding steady, depending on the area of town of course.
“Most homes in Kimberley are remaining stable in value compared to last year’s assessment roll,” said Rod Ravenstein, Kootenay Region Deputy Assessor. “Most home owners in the City of Kimberley will see only modest changes depending on location.”
However, it does depend on the area of town. For instance, a home in Marysville valued at $281,000 last year has dropped to $267,000 for 2014. Chapman Camp homes rose in value from $239,000 to $256,000. At the ski hill values dropped somewhat, from $453,000 last year to $440,000 this year. Values are rising in Lois Creek/Townsite, with an average home worth $180,000 last year and $195,000 this year. In Blarchmont values dropped $3,000 from $160,000 to $157,000. And Wasa lake front property worth $546,000 in 2013 rose to $562,000 for 2014.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” said Ravenstein.
Property owners receiving their assessment will often assume that an increase in their property assessment automatically translates into an increase in their property tax bill. This is not necessarily the case, since the determination of local tax rates is ultimately based on the budget requirements of the taxing authority. It also depends on how close to the average your home price is. Assessed value is multiplied by Kimberley’s tax rate to determine the actual taxes paid.
When establishing the market value for a particular property, BC Assessment considers each property’s unique characteristics. These are the same characteristics that a home purchaser would consider, including size, layout, shape, age, finish, quality, number of carports, garages, sundecks and condition of buildings. Services in the area, location, views and neighbourhood may also influence a property’s market value.
Market value assessment is widely considered to be the fairest system for distributing the property tax burden, according to BC Assessment.
The real estate market is the single biggest influence on market values. Market forces vary from year to year and from property to property. The market value on an assessment notice may differ from that shown on a bank mortgage appraisal or a real estate appraisal because BC Assessment’s appraisal reflects the value as of July 1 of the previous year, while a private appraisal can be done at any time.
When reviewing the annual property assessment notice, property owners should check that it reasonably estimates what the property would have sold for on July 1 of the preceding year, and that it relates to the value of other properties in the neighbourhood.
Property values in Cranbrook remain much the same as Kimberley — stable over all, with slight variations neighbourhood to neighbourhood.
Owners of commercial and industrial properties in Kimberley will see changes in the -5 to 5 per cent range.
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.