The 2021 property assessment will be sent out to the owners of about 150,000 properties throughout the Kootenay Columbia region this week.
The largest increase in the Kootenays were in the Villages of Salmo and Slocan, where property value jumped by 19% on average, while Midway and Nakusp were not far behind, with a 16% increase.
BC Assessment said the numbers will reflect the market value of the property as of July 1 2020.
“The majority of Kootenay Columbia homeowners can expect a moderate increase in their 2021 assessments compared to last year,” said 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.”
According to BC Assessment, Kootenay Columbia’s total assessment increased from about $46.6 billion in 2020 to almost $49.8 billion in 2021.
About $488 million of the region’s updated assessments come from new construction, subdivisions and rezoning of properties.
Changes in property values do not always mean changes in property taxes, either.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explained 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.”
BC Assessment said information regarding individual properties can be found on its website, where users can also register to see more detailed information, such as a property’s 10-year value history, create comparisons, monitor neighbourhood sales, and use our interactive map.
More: 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, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Hill.
The tables below represent values calculated on median values by BC Assessment.
Single-family residential by geographic area:
|Single Family Home
as of July 1, 2019
as of July 1, 2020
|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%|
Strata residential properties (such as condos and town houses) in Cranbrook and Nelson:
|Strata Home Changes
as of July 1, 2019
as of July 1, 2020
|City of Cranbrook||$162,000||$184,000||+13%|
|City of Nelson||$409,000||$434,000||+6%|