Nelson had one of the lowest percentage rises in property assessments in 2022 in the Kootenay Columbia region, but still retained its medal standing as one of the most expensive places to buy a home in the area.
The city’s single family home typical assessed value from B.C. Assessment was revealed as $675,000 (as of July 1, 2022), a five per cent rise from the previous year of $644,000, marking it as the third highest assessed value in the Kootenay Columbia region.
The city of Fernie holds the Kootenay Columbia title as the most expensive assessed value — calculated based on median values — with an $838,000 2023 typical assessed value as of July 1, 2022. This represented a 19 per cent rise from the year previous.
Its West Kootenay neighbour in Revelstoke held the West Kootenay belt for highest average assessed value at $801,000, which is 12 per cent higher than the previous assessment.
Around 150,000 properties throughout the Kootenay Columbia region will have received a 2023 assessment notice, which reflected market value as of July 1, 2022.
“Most homeowners throughout the Kootenay Columbia region can expect an increase in assessed value between five per cent and 20 per cent, with a handful of communities higher than that range,” said Kootenay Columbia deputy assessor Sharlynn Hill, in a statement.
“Property owners need to consider that 2023 assessments are based on the market value as of July 1, 2022, meaning what your home could have sold for last summer and not necessarily what it would sell for in today’s shifting market.”
B.C. Assessment collects, monitors and analyzes property data throughout the year to arrive at the figures. That means any changes in property assessments reflect movement in the local real estate market, but it can still vary greatly from property to property.
In order to build a picture of a property’s market value, B.C. Assessment appraisers analyze current sales in the area, and consider other characteristics such as size, age, quality, condition, view and location.
Those assessments allow local governments and other taxing authorities to calculate property tax rates — after determining their own budget needs this spring — based on the assessment roll for their jurisdiction.
That assessment roll is the foundation for local and provincial taxing authorities to raise over $8 billion in property taxes each year.
Billions and billions
Overall, Kootenay Columbia’s total assessments increased from $60.6 billion in 2022 to over $69.7 billion this year.
New construction, subdivisions and the rezoning of properties comprising almost $883 million of the region’s updated assessments.
B.C. Assessment’s Kootenay Columbia region covers the southeast portion of the province from the Alberta border west to the Okanagan and from the US border north to Golden and Revelstoke.
Across the West Kootenay region Rossland was the most expensive city behind Nelson at $579,000, a 16 per cent rise from $500,000, while Trail was the lowest city at $350,000, a 16 per cent rise from $302,000 in 2021.
Castlegar was the third highest at $497,000, up 18 per cent (422,000) and Grand Forks rose by 11 per cent to $403,000 ($362,000).
Kaslo topped the 12 villages in the Kootenay Columbia region at $470,000, up 20 per cent from $393,000, with the village of Canal Flats the lowest at $285,000 ($277,000).
The largest increase in assessment was Slocan with a 29 per cent rise to $381,000, but New Denver and Silverton were close behind at 26 per cent ($361,000 and $394,000, respectively).
Nakusp rose by 13 per cent in its assessments to $387,000 ($342,000), with Warfield up four per cent to $385,000 and Montrose a seven per cent hike to $437,000. Fruitvale was $418,000, up by nine per cent.
– For more information on the 2023 assessment roll and regional and province-wide real estate market trends, including lists of the province’s top valued residential properties, visit www.bcassessment.ca and click on “Property Information and Trends.”
– B.C. Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment.”
Source: B.C. Assessment
By Timothy Schafer, Local Journalism Initiative Reporter
Original Published on Mar 13, 2023 at 03:11