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BC Assessment Said Property Values Increase in Kootenay-Columbia

Owners of more than 147,500 properties through the Kootenay- Columbia region can expect to receive their 2020 property assessment notice, showing that values have gone up since last year.

BC Assessment said notices will reflect the market value of a property as of July 1, 2019, and has shown an upward trend.

“The majority of Kootenay Columbia homeowners 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.”

According to BC Assesment, Kootenay-Columbia’s total assessed value has increased to $46.7 billion, from $43.6 billion in 2019. It added that about $571 million of the 2020 assessment comes from subdivisions, rezoning, and new property construction.

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Despite the increased value throughout the region, BC Assessment said it does not necessarily translate to higher taxes.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains 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.”

 

A table from BC Assessment showing the changes from its 2019 assessment to 2020.

Single Family Home Changes by Community 2019 Typical Assessed Value

as of July 1, 2018

 

 2020 Typical Assessed  Value

as of July 1, 2019

 

% Change
City of Castlegar $307,000 $320,000 +4%
City of Cranbrook $283,000 $307,000 +9%
City of Fernie $509,000 $553,000 +9%
City of Grand Forks $250,000 $253,000 +1%
City of Greenwood $133,000 $134,000 +1%
City of Kimberley $284,000 $303,000 +7%
City of Nelson $461,000 $471,000 +2%
City of Revelstoke $462,000 $509,000 +10%
City of Rossland $335,000 $362,000 +8%
City of Trail $196,000 $205,000 +5%
District of Elkford $246,000 $248,000 +1%
District of Invermere $397,000 $409,000 +3%
District of Sparwood $255,000 $267,000 +5%
Town of Creston $238,000 $263,000 +11%
Town of Golden $332,000 $353,000 +6%
Village of Canal Flats $175,000 $188,000 +7%
Village of Fruitvale $276,000 $288,000 +5%
Village of Kaslo $252,000 $268,000 +6%
Village of Midway $212,000 $196,000 -7%
Village of Montrose $271,000 $279,000 +3%
Village of Nakusp $235,000 $237,000 +1%
Village of New Denver $202,000 $207,000 +3%
Village of Radium Hot Springs $264,000 $285,000 +8%
Village of Salmo $188,000 $225,000 +20%
Village of Silverton $247,000 $246,000 0%
Village of Slocan $166,000 $165,000 -1%
Village of Warfield $221,000 $256,000 +16%

 

 

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