Last week over 143,000 properties in the Kootenays received the 2017 assessment notices including the residents of Nakusp. These assessments reflect property values as of July 2016.
Of the 27 communities listed in the Kootenay Columbia Region, 15 saw property values increase, 11 saw values decrease, and one remained the same.
This year saw properties in Nakusp increase in value by 6.9 per cent.
For example, the value of a single family residential home went from $192,000 to $209,000.
Just because a property’s value goes up, it doesn’t necessarily mean their taxes will go up.
“What municipalities do is we work out the money that we need to operate the village on,” said Karen Hamling, mayor of Nakusp. “From there we figure out what the taxes are going to be, and we work it out on what the average single family residence is. It’s at that point you find out if your taxes are going up, or going down, or if they stay the same.”
Hamling said at the next budget meeting council will determine whether or not villagers will see an increase in taxes.
If taxes do go up, generally it’s because the cost of everything else is going up and the village needs to cover those costs.
“One thing people have to recognize in the village is when your taxes go up one per cent it only brings $9,000 into the village,” said Hamling. “If your taxes go up say three per cent, that three per cent is bringing $27,000 into the village.”
While it seems like a lot, that potential $27,000 is spread over the 700 homes and businesses in the village, meaning it actually doesn’t go very far.
Hamling said how much a person pays in taxes will also depend on the value of their property.
“If your house is worth $600,000 you’re going to pay more taxes on the house than somebody who’s house is valued at $200,000 just because of the way it works.”