Subject: ECONOMIC NEWS/TRENDS/ANALYSIS
Kootenay Columbia 2022 Property Assessments in the Mail
CRANBROOK, British Columbia, Jan. 04, 2022 (GLOBE NEWSWIRE) -- In the next few days, owners of almost 150,000 properties throughout the Kootenay Columbia region can expect to receive their 2022 assessment notices, which reflect market value as of July 1, 2021.
"Homeowners in the Kootenay Columbia region can expect noticeable increases in their 2022 assessments compared to last year," says Kootenay Columbia Deputy Assessor Sharlynn Hill. "The demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types. The year over year change in the typical values has been relatively consistent throughout the region and generally with double-digit percentage rises for most communities."
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Kootenay Columbia's total assessments increased from $49.7 billion in 2021 to $60.7 billion this year. Nearly $725 million of the region's updated assessments is from new construction, subdivisions and the 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 provide estimates of typical 2021 versus 2022 assessed value changes of residential properties for each community throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:*
Single Family Home Changes by Community | 2021 Typical Assessed Value as of July 1, 2020 | 2022 Typical Assessed Value as of July 1, 2021 | % Change |
| City of Castlegar | $348,000 | $422,000 | +21% |
| City of Cranbrook | $327,000 | $397,000 | +21% |
| City of Fernie | $605,000 | $706,000 | +17% |
| City of Grand Forks | $273,000 | $363,000 | +33% |
| City of Greenwood | $149,000 | $228,000 | +53% |
| City of Kimberley | $339,000 | $404,000 | +19% |
| City of Nelson | $504,000 | $646,000 | +28% |
| City of Revelstoke | $546,000 | $719,000 | +32% |
| City of Rossland | $380,000 | $504,000 | +33% |
| City of Trail | $230,000 | $303,000 | +32% |
| District of Elkford | $255,000 | $290,000 | +14% |
| District of Invermere | $418,000 | $527,000 | +26% |
| District of Sparwood | $298,000 | $324,000 | +9% |
| Town of Creston | $284,000 | $361,000 | +27% |
| Town of Golden | $392,000 | $518,000 | +32% |
| Village of Canal Flats | $194,000 | $277,000 | +43% |
| Village of Fruitvale | $301,000 | $383,000 | +27% |
| Village of Kaslo | $299,000 | $393,000 | +31% |
| Village of Midway | $227,000 | $293,000 | +29% |
| Village of Montrose | $316,000 | $410,000 | +30% |
| Village of Nakusp | $274,000 | $342,000 | +25% |
| Village of New Denver | $226,000 | $277,000 | +23% |
| Village of Radium Hot Springs | $315,000 | $397,000 | +26% |
| Village of Salmo | $269,000 | $319,000 | +19% |
| Village of Silverton | $271,000 | $312,000 | +15% |
| Village of Slocan | $196,000 | $295,000 | +51% |
| Village of Warfield | $277,000 | $371,000 | +34% |
*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 | 2021 Typical Assessed Value as of July 1, 2020 | 2022 Typical Assessed Value as of July 1, 2021 | % Change |
| City of Cranbrook | $184,000 | $221,000 | +20% |
| City of Nelson | $417,000 | $513,000 | +23% |
*All data calculated based on median values.
BC Assessment's website at bcassessment.ca includes more details about 2022 assessments, property information and trends such as lists of 2022'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 2022 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, 2021 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 January 31, 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?
"If your property was impacted by the 2021 floods, mudslides or wildfires, please take a few moments to contact us toll-free at 1-866-825-8322 during January once you receive your assessment notice," says Hill. "With your help, we can work together to make sure your property is valued correctly."
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: [email protected]
MEDIA BACKGROUNDER
January 4, 2022
Facts on B.C. Property Assessments and the 2022 Assessment Roll
- Total number of properties on the 2022 Roll is 2,142,457, an approximate 1.2 percent increase from 2021.
- Total value of real estate on the 2022 Roll is about $2.44 trillion, an increase of nearly 22 percent from 2021.
- Total amount of ?non-market change', including new construction, rezonings and subdivisions is approximately $33.9 billion, an increase of almost 53 percent from the 2021 Roll of $22.1 billion.
- In B.C., approximately 88.2 percent of all properties are classified with some residential (Class 1) component. This equates to $1,895,708,472,699 of the value on the total provincial roll.
- Over 98 percent 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, 2021 and physical condition as of October 31, 2021. 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 over $8 billion 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 2022 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4cb5633-832a-4d1b-92b4-dc8f6d9ad49c
PDFs available:
http://ml.globenewswire.com/Resource/Download/c1523008-6b82-4ab0-992e-c8ad3e55b290
http://ml.globenewswire.com/Resource/Download/0d7d9298-3d5c-4301-9bc6-450746e805a9
These press releases may also interest you
|
News published on and distributed by:
