Owners of approximately 147,500 properties throughout the Kootenay Columbia region have received their 2020 property assessment notices.
The assessments, done by BC Assessment, reflect the market value of properties as of July 1, 2019.
According to deputy assessor Ramaish Shah, “the majority of Kootenay Columbia homeowners can expect an increase when compared to last year’s assessments. The changes in home values are moderating in many cases as compared to the past several years. Some communities, however, are seeing higher demand than in previous years and that is reflected in this year’s assessments.”
Overall, the region’s total assessments increased from about $43.6 billion in 2019 to almost $46.7 billon this year with about $571 million of that coming from new construction, subdivisions and rezoning of existing properties.
According to BC Assessment, there was a nine per cent increase in value for single-family residential properties in Fernie this year. That took the typical assessed value from $509,000 to $553,000.
Cranbrook also saw an increase of nine per cent while the District of Sparwood saw an increase of five per cent. For Sparwood, that means the assessed value as of July 2018 was $225,000 as opposed to $267,000 as of July 2019.
The District of Elkford saw an increase of one per cent over the past year.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Shah explained. “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.”
Shah also encourages anyone looking for more information, or with questions about their assessment to visit the BC Assessment website at Bcassessment.ca.
“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, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.”