Assessed property values for single family residential homes in the Kootenay-Columbia region are up all across the board, including Cranbrook and Kimberley.
The assessments reflect the market values as of July 1, 2020, according to BC Assessment.
“The majority of Kootenay Columbia homeowners can expect a moderate increase in their 2021 assessments compared to last year,” says Deputy Assessor Sharlynn Hill. “Some of the smaller communities have experienced higher demand than previous years and that is reflected in this year’s assessments.”
Cranbrook average assessed values are up six per cent, from $307,000 to $327,000, while Kimberley is up 12 per cent, from $303,000 to $339,000. Additionally, assessed values for condominiums and townhouses in Cranbrook are up 13 per cent, from $162,000 to $184,000.
BC Assessment mailed out notices for approximately 150,000 property owners in the Kootenay-Columbia region.
The largest increases were found in the West Kootenay.
The Villages of Slocan and Salmo had the sharpest increase at 19 per cent; Slocan going from an average assessed value of $165,000 to $196,000, and Salmo going from $225,000 to $268,000. The Villages of Nakusp and Midway followed up at 16 per cent; Nakusp from $237,000 to $275,000 and Midway from $197,000 to $228,000.
Totaling up the Kootenay-Columbia region, the overall assessments amount to roughly $49.8 billion, up from $46.6 billion from last year. Approximately $488 million of that increase is attributed to new construction, subdivisions and rezoning of properties.
An increase in assessed property values does not automatically translate into a corresponding increase in municipal property taxes, according to Hill. How a homeowners assessment changes relative to the average change in any given community is what will affect property taxes, she added.
Anyone wishing to challenge their property assessment is encouraged to contact BC Assessment and speak to an appraiser. If a property owner remains concerned, a Notice of Appeal may be filed by Feb. 1 for an independent review.
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