Elk Valley property values on the rise
2014 assessment notices will be showing up in the mailboxes of Elk Valley property owners over the next week and most of them will hold good news. The majority of over 14,000 properties in Fernie, Sparwood, and Elkford are valued at more in 2014 than they were in 2013.
“Most homes in the Elk Valley have increased in value compared to last year’s assessment roll,” said Rod Ravenstein, Kootenay region deputy assessor. “Most homeowners in Fernie, Sparwood, and Elkford will see modest changes depending on their location. For example, a typical single family home in Fernie that was previously assessed at $390,000, was valued at $397,000 in the summer of 2013.”
The City of Fernie's Assessment Roll increased from $1.22 billion in 2013 to $1.26 billion in 2014. The District of Sparwood Assessment Roll increased from $710 million to $742 million and the District of Elkford's increased from $468 million to $493 million. The recent growth reflects changing market values for many properties and also includes subdivisions, rezoning, and new construction. Owners of commercial and industrial properties in the Elk Valley will also see changes in the zero to 10 per cent range.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013, or see incorrect information on their notice, should contact B.C. Assessment as indicated on their notice as soon as possible in January,” said Ravenstein. “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint by January 31, for an independent review by a Property Assessment Review Panel.”
The Property Assessment Review Panels, independent of B.C. Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.
For more information about the 2014 Assessment Roll, visit www.bcassessment.ca.