Kimberley property values set to rise 10 to 15% says BC Assessment

Kimberley property values set to rise 10 to 15% says BC Assessment

Property owners will receive notices early in January

On Dec, 31, 2018 homeowners across the province will receive their 2018 tax assessment from BC Assessment. The deadline to appeal is January 31, 2019.

BC Assessment is a provincial Crown corporation that classifies and values all real property in British Columbia. Each year, BC Assessment sends property owners a Property Assessment Notice telling them the fair market value of their property as of the uniform valuation date of July 1 in the prior year.

Rod Ravenstein, Assessor for the Kootenay-Columbia region, presented a preview of 2019’s assessment at a Regular Council Meeting on Monday, Dec. 10, 2018.

Revenstein says that markets are currently up, but there is also some growth. He adds that Kimberley is consistent with the market movement with other resort-focused communities.

“Property owners will receive their 2019 assessment notices in early January. The assessment will reflect the market value of their home as of July 1, 2018,” said Ravenstein. “Most property owners in Kimberley will see increases between 10 and 25 per cent.”

The average change for single family residential homes is between 10 and 25 per cent, while residential Strata homes typically see a change of five to 15 per cent, and commercial/industrial typically see a change of 10 to 15 per cent.

“Not every property goes up the same,” said Ravenstein. “Some will see less and some will see more; this is a typical increase.”

He says that if someone is in the process of building a home or renovating at the time the assessment is completed, that will also be reflected in their assessment.

“When we release the assessment roll we release very specific numbers,” Ravenstein said. “For those with a more significant change, we give them some advance notice. As of Friday (Dec. 7), we sent out approximately 50,000 advanced notices province-wide.”

He says that over 100 properties in Kimberley will receive advanced notice of their assessment, which should be arriving by mail this week.

Mayor Don McCormick asked if the advanced assessments will result in more challenges.

Ravenstein responded saying that market movement tends to generate inquiry, however they are not expecting 2019’s appeal rate to be significant.

Ravenstein encourages homeowners to familiarize themselves with the BC Assessment website (www.bcassessment.ca).

“With the assessment search [tool], you can see a street view photo of your home, compare your assessment to others on your street, and see sales in your neighbourhood,” he said.



corey.bullock@kimberleybulletin.com

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