The average value of a home on the ski hill rose by $40

The average value of a home on the ski hill rose by $40

Kimberley property values up

BC Assessment delivers 2015 notices, all neighbourhoods except Chapman Camp see rise in values

BC Assessment has released their 2015 Property assessments for Kimberley and area, and with the exception of the Chapman Camp area where values fell slightly, most home values rose.

“Most homes in Kimberley are worth slightly more 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 modest increases depending on their location. For example, a typical single family home in Kimberley that was previously assessed at $208,000 was valued at $210,000 in the summer of 2014.”

The average price for a home is $248,000. By comparison, an average home in Cranbrook is worth $257,000, in Fernie, $423,000, and Invermere $343,000.

Neighbourhood by neighbourhood, Kimberley property values look like this.

A home in Townsite/Lois Creek rose from an average of $194,000 in 2014 to $195,000 in 2015. In the City Centre, values rose from $137,000 to $150,000. In the ski hill area, values rose from $427,000 to $467,000 (they had dropped between 2013 and 2014). In Blarchmont, an average home rose from $157,000 to $166,000. Marysville homes rose to $271,000 from $255,000, Chapman Camp dropped from $255,000 to $243,000 and Kimberley rural property values rose to $238,000 from $214,000.

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, in this case the City of Kimberley, RDEK, School Board etc. 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. However, should you not agree with your property’s assessed value, you do have the ability to challenge it.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2014, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Ravenstein.

 

“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 February 2, for an independent review by a Property Assessment Review Panel,” added Ravenstein.www.bcassessment.ca We Value BC

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.

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.

You can compare the value of your property directly to others in the neighbourhood by going to http://evaluebc.bcassessment.ca/ and entering your address. Much more information about assessments and the appeals process can be found at bcassessment.ca