BC Assessment will be sending out assessment notices to more than 144,000 property owners in the Kootenay Columbia Region over the next few days. The 2019 notices reflect homes values as of July 2018.
Deputy Assessor Ramaish Shah says most residential home owners can expect an increase. The demand for housing in resort communities has been even stronger which is reflected in the assessments, according to Shah.
The expected change in value for residential single detached homes is between zero and 30 per cent. For residential strata units, it’s zero to ten per cent. For commercial and light industrial, it’s five to 20 per cent.
The 2018 average assessed value for a single-family residential property in Castlegar was $285,000 and is expected to jump 11 per cent on average for 2019. In Nelson, the average $391,000 home is expected to have an 18 per cent increase in value. The increase is the same for single-family properties in Rossland, from the average assessed value of $286,000 in 2018 going up to $338,000. In Trail, the average assessed value for single-family properties of $175,000 in 2018 is expecting a change of 15 per cent, for a new average assessed value of $201,000. In the City of Nelson, townhomes are expected to jump 22 per cent from $318,000 on average last year to $388,000 in 2019.
According to BC Assessment, the Kootenay Columbia’s total overall assessments increased from about $40.8 billion in 2018 to more than $43.6 billion this year. New construction, subdivisions and rezoning of properties accounts for about $453 million of the region’s updated assessments.
You can visit the BC Assessment website here to learn more.
