Homeowners in the Arrow Lakes and Slocan Valley saw their property values increase slightly last year.
BC Assessment has released its list of property values for the new year, showing New Denver saw the largest increase in the region, by about three per cent.
Next door, Silverton residents saw no increase in their property values.
Naksup only saw an increase of one per cent. Only one community in the West Kootenay, Slocan, saw a small decrease in values.
Salmo saw the largest increase in the West Kootenay with a 20 per cent overall increase in values.
In the next few days, owners of more than 147,500 properties throughout the Kootenay Columbia region can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
“The majority of Kootenay Columbia home owners can expect an increase when compared to last year’s assessments,” says Deputy Assessor Ramaish Shah. “The changes in home values are moderating in many cases as compared to the past several years. Some communities, however, are seeing higher demand than in previous years and that is reflected in this year’s assessments.”
BC Assessment collects, monitors and analyzes property data throughout the year.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” says Shah. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
The summary below provides estimates of typical 2019 versus 2020 assessed values of properties in the West Kootenay, the market trends for single-family residential properties:
Nakusp: $235,000 to $237,000 (+1%)
New Denver: $202,000 to $207,000 (+3%)
Salmo: $188,000 to $225,000 (+20%)
Silverton: $247000 to $246,000 (0%)
Slocan: $166,000 to $165,000 (-1%)
Kaslo: $252,000 to $268,000 (+6%)
Castlegar: $307,000 to $320,000 (+4%)
Grand Forks: $250,000 to $253,000 (+1%)
Nelson: $461,000 to $471,000 (+2%)
Rossland: $335,000 to $362,000 (+8%)
Trail: $196,000 to $205,000 (+5%)
Midway: $212,000 to $196,000 (-7%)
Montrose: $271,000 to $279,000 (+3%)
Warfield: $221,000 to $256,000 (16%)
Overall, Kootenay Columbia’s total assessments increased from about $43.6 billion in 2019 to almost $46.7 billion this year, an increase of seven per cent.
A total of about $571 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.
The top valued properties
The BC Assessment website shows a list of the one hundred properties in Kootenay Columbia with the highest assessed value. Most are in the East Kootenay, with the Invermere area showing up the most often.
Only seven of those 100 properties are in the West Kootenay Boundary: number eight on the list is an acreage near Grand Forks valued at $3,952,000, and twenty-third is a property at Four Mile outside Nelson valued at $2,874,000.
The other five are all in the Creston and Grand Forks areas.
Search, check and compare
The BC Assessement website provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map. New for 2020, the website is fully mobile-friendly.
SEE: BC Assessment
“Property owners can find a lot of valuable 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, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor Ramaish Shah.
Disagree? Complain by Jan. 31
“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,” adds Shah.
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.