Owners of about 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,” said 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 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 in the East Kootenay (and nearby).

These examples demonstrate market trends for single-family residential properties by geographic area:

Community; 2021 Typical Assessed Value (As of July 1, 2020); 2022 Typical Assessed Value as of July 1, 2021 and percentage change.

City of Cranbrook – $327,000; $397,000; +21%

City of Fernie – $605,000; $706,000; +17%

City of Kimberley – $339,000; $404,000; +19%

District of Elkford – $255,000; $290,000; +14%

District of Invermere – $418,000; $527,000; +26%

District of Sparwood – $298,000; $324,000; +9%

Village of Canal Flats -$194,000; $277,000; +43%

Village of Radium Hot Springs – $315,000; $397,000; +26%

Town of Creston – $284,000; $361,000; +27%

Town of Golden – $392,000; $518,000; +32%

(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,” 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 January 31, 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.”

Lead image: One of several new housing projects constructed in Cranbrook in 2021. e-KNOW file photos

e-KNOW

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