Over the next few days, owners of more than 144,000 properties throughout the Kootenay Columbia Region can expect to receive their 2019 notices, which reflect market value as of July 1, 2018.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” said Ramaish Shah, Deputy Assessor with BC Assessment. “The demand for housing in our resort communities has been even stronger and that is reflected in this year’s assessments.”
Residential single detached homes can expect up to a 30 per cent increase throughout the Kootenay Columbia region. Residential strata units can expect up to a 10 per cent increase, while commercial and industrial can expect to see between 5 and 20 per cent.
In Kimberley, the 2018 average assessed value is $242,000 and the 2019 average assessed value is $285,000, a change of 18 per cent.
READ MORE: Kimberley property values set to rise 10 to 15 %, says BC Assessment
Overall, Kootenay Columbia’s total assessments increased from about $40.8 billion in 2018 to more than $43.6 billion this year. A total of about $453 million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Kootenay Columbia region covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook.
BC Assessment’s website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019’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 2019 property assessments for anywhere in the province. As a new option, property owners can unlock additional property search features by registering for a free BC Assessment custom account to store/access favourites, create comparisons and use our new interactive map.
“Property owners can find a lot of 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, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” explained Shah.
“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 31st, for an independent review by a Property Assessment Review Panel.”
According to BC Assessment, over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, 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,” Shah said. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
corey.bullock@kimberleybulletin.com
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