Kimberley and area homeowners should be receiving their annual property assessments in the mail this week, and most will find there is little change from last year.
The overall average value of a Kimberley home remains the same at $228,000. There may be some movement in value from neighbourhood to neighbourhood, but BC Assessments no longer provides those breakdowns. You can however, go to bcassessments.ca and type in any address to get a better idea of property values in your neighbourhood.
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 millrate to determine the actual taxes paid.
Changes in property values can also vary greatly from property to property.
Assessments are the estimate of a property’s market value as of July 1, 2016 and physical condition as of October 31, 2016.
The Kootenay Columbia region’s total assessed value is $38.6 billion. There were some municipalities where assessed average value rose. For example, the average home in Revelstoke is worth $352,000 up from $325,000 the previous year. Value in Cranbrook also rose, very slightly, from $269,000 to $270,000. In Creston, values dropped $5,000 to $220,000. In Invermere values were up $9,000 to $380,000 for the average home.
The most expensive property in the region is an Invermere rural waterfront home listed at $5,462,000.
Although 98 per cent of property owners across the province accept their assessment, there is recourse if you do not agree. Contact BC Assessment as noted on your property assessment notice by January 31, 2017 if you would like it reviewed