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Posted: January 4, 2021

Moderate increases expected in 2021 assessments

Kootenay Columbia 2021 Property Assessments in the mail

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,” said BC Assessment’s 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,” said 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,” added 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,” 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.”

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 p.m., Monday to Friday.

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