Residential property values in Revelstoke dropped by 7.87 per cent, one of the biggest drops for any municipality in the province. In contrast, commercial property values in Revelstoke jumped by 27.74 per cent, according to new figures released Jan. 2 by BC Assessment.
The numbers represent the change in the total value of all properties in each category.
The average ‘2013’ residential property value for a Revelstoke residence on the July 1, 2012 cutoff date was $324,000. That was down by $8,000 from the same date in 2011, when the average ‘2012’ residential property value was $332,000.
Okanagan region deputy assessor Tracy Wall said the change to the residential values was primarily driven by ‘market movement’ which totalled -4.82 per cent of the -7.87 per cent drop.
The big jump of 27.74 per cent in the commercial sector was driven by additions of new properties to the sector, such as completion of hotel projects, which drive up the total value of commercial properties in the municipality. In fact, the ‘market movement’ of commercial properties was actually negative, dropping by 1.14 per cent.
Wall said that additional non-market changes to the residential sector “had to do with Revelstoke Mountain Resort.” The resort and its parent company Northland Properties have sought to reclassify properties over the past four years, which can shift individual parcels between commercial and residential classifications, leading to swings in either category.
Without doing a detailed analysis of all these individual changes, Wall said it is difficult to quantify exactly what was driving these changes.
Wall said that reliable numbers for CSRD Area B were not available.
Revelstoke appears to have the eighth largest drop in residential assessments in B.C., and was consistent with a downward trend in the Kootenay-Columbia region.
The hamlet of Silverton in the West Kootenay led the province in property assessment decline, hitting the mark of 19.15 per cent. Silverton was followed by its neighbour New Denver at 18.72 per cent. Radium Hot Springs was next, dropping by 10.08 per cent. Most municipalities in the region saw declines, although most were more modest. Some increased.
The overall assessment dollar value for the City of Revelstoke was not available.
To the west, Sicamous also experienced a significant drop, down by 9.37 per cent.
It is the second year for property value decreases. In 2012, overall residential values in Revelstoke dropped by 5.39 per cent over 2011 values.
Across B.C., the total value of real estate increased by 2.3 per cent to a total of $1.129 trillion.
Regionally, there were mixed changes. Spurred by oil and gas development, areas of Northern B.C. experienced property value increases, while the Lower Mainland was a mixed bag of modest increases and decreases.
You can search for your property’s assessed value online at BC Assessment. Property owners can expect their assessments in the mail in the next few days.
If you have an issue with your assessment, such as a disagreement over the value or a mistake, you can contact BC Assessment. Assessor Tracy Wall encouraged residents to do so by the end of January.
“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 31 for an independent review by a Property Assessment Review Panel,” she said.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development.
The story has been updated to include new numbers provided by BC Assessment, and we’re anticipating more additions on Jan. 3.
