CRANBROOK, British Columbia, Jan. 04, 2021 (GLOBE NEWSWIRE) -- In the next few days, owners of about 150,000 properties throughout the Kootenay Columbia region can expect to receive their 2021 assessment notices, which reflect market value as of July 1, 2020.
"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."
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
The table below indicates British Columbia’s estimated range of percentage changes to 2021 assessment values for residential properties compared to 2020. Please note property assessments may vary by jurisdiction or municipality across the province,
Property Type | British Columbia: Province-wide 2021 Assessments Range of % Changes in Value for the Majority of Residential Properties (as of July 1, 2020) |
| Residential Single Family Homes | 0% to +10% |
| Residential Strata Homes (e.g. condos/townhouses) | 0% to +10% |
Overall, Kootenay Columbia’s total assessments increased from about $46.6 billion in 2020 to almost $49.8 billion this year. A total of about $488 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 summaries below provides estimates of typical 2020 versus 2021 assessed values of properties throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:*
Single Family Home Changes by Community | 2020 Typical Assessed Value as of July 1, 2019 | 2021 Typical Assessed Value as of July 1, 2020 | % Change | |||
| City of Castlegar | $320,000 | $349,000 | +9 | % | ||
| City of Cranbrook | $307,000 | $327,000 | +6 | % | ||
| City of Fernie | $551,000 | $606,000 | +10 | % | ||
| City of Grand Forks | $253,000 | $272,000 | +8 | % | ||
| City of Greenwood | $133,000 | $149,000 | +12 | % | ||
| City of Kimberley | $303,000 | $339,000 | +12 | % | ||
| City of Nelson | $471,000 | $504,000 | +7 | % | ||
| City of Revelstoke | $508,000 | $546,000 | +7 | % | ||
| City of Rossland | $362,000 | $380,000 | +5 | % | ||
| City of Trail | $206,000 | $230,000 | +12 | % | ||
| District of Elkford | $248,000 | $256,000 | +3 | % | ||
| District of Invermere | $407,000 | $418,000 | +3 | % | ||
| District of Sparwood | $267,000 | $298,000 | +11 | % | ||
| Town of Creston | $263,000 | $284,000 | +8 | % | ||
| Town of Golden | $353,000 | $393,000 | +11 | % | ||
| Village of Canal Flats | $189,000 | $194,000 | +2 | % | ||
| Village of Fruitvale | $288,000 | $301,000 | +4 | % | ||
| Village of Kaslo | $269,000 | $299,000 | +12 | % | ||
| Village of Midway | $197,000 | $228,000 | +16 | % | ||
| Village of Montrose | $279,000 | $316,000 | +13 | % | ||
| Village of Nakusp | $237,000 | $275,000 | +16 | % | ||
| Village of New Denver | $207,000 | $226,000 | +9 | % | ||
| Village of Radium Hot Springs | $285,000 | $319,000 | +12 | % | ||
| Village of Salmo | $225,000 | $268,000 | +19 | % | ||
| Village of Silverton | $246,000 | $270,000 | +10 | % | ||
| Village of Slocan | $165,000 | $196,000 | +19 | % | ||
| Village of Warfield | $255,000 | $277,000 | +9 | % | ||
*All data calculated based on median values.
These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) for the urban centres of Cranbrook and Nelson:*
Strata Home Changes (Condos/Townhouses) By Community | 2020 Typical Assessed Value as of July 1, 2019 | 2021 Typical Assessed Value as of July 1, 2020 | % Change | |||
| City of Cranbrook | $162,000 | $184,000 | +13 | % | ||
| City of Nelson | $409,000 | $434,000 | +6 | % | ||
*All data calculated based on median values.
BC Assessment’s website at bcassessment.ca includes more details about 2021 assessments, property information and trends such as lists of 2021’s top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2021 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.
“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, 2020 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 Sharlynn Hill.
“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 February 1st, for an independent review by a Property Assessment Review Panel,” adds Hill.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
"It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes," explains Hill. "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."
Have questions?
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
Media contact:
Sharlynn Hill
BC Assessment Deputy Assessor for the Kootenay Columbia Region
Tel. 1.866.825.8322 Ext. 22232 / Cell 1-250-420-7278
Email: sharlynn.hill@bcassessment.ca
MEDIA BACKGROUNDER
January 4, 2021
Facts on B.C. Property Assessments and the 2021 Assessment Roll
- Total number of properties on the 2021 Roll is 2,114,885, an approximate one per cent increase from 2020.
- Total value of real estate on the 2021 Roll is about $2.01 trillion, an increase of nearly 4.2 per cent from 2020.
- Total amount of ‘non-market change’, including new construction, rezoning changes and subdivisions is approximately $22.1 billion, a decrease of almost -12.7 per cent from the 2020 Roll of $25.3 billion.
- In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to about $1.5 trillion of the value on the total provincial roll.
- Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property’s market value as of July 1, 2020 and physical condition as of October 31, 2020. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise billions of dollars in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment”. For more information on the 2021 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit bcassessment.ca and click on the “Property Information & Trends” link.
PDFs are available at:
http://ml.globenewswire.com/Resource/Download/963d1ad4-17da-4e68-b069-743e22f54af3
http://ml.globenewswire.com/Resource/Download/0c01e809-f9f8-42fa-bcf6-41bb5f973250
