Property owners in the Kootenays shouldn’t be expecting any major surprises when they open their assessment notices this month.
“Assessments in the Kootenay Lake area have, for the most part, changed only marginally in value compared to last year’s assessment roll,” said Dennis Hickson, deputy assessor for BC Assessment said from his office in Nelson. “For example, a typical single family home in Creston that was valued at $267,000 for the 2013 assessment roll is valued at $272,000 for the 2014 assessment roll. In Kaslo, a single family home that was valued at $179,000 for the 2013 assessment roll is valued at $181,000 for 2014.
“An exception to the general trend is the rural area of north Kootenay Lake, where assessments increased from five per cent to 10 per cent.”
The relative stability of property values is largely a reflection of a flat real estate market. Sale prices in most areas haven’t changed significantly in the past year.
It’s too early for property owners to know how their assessments will relate to their taxes. Local governments are just now working to determine their budgetary needs for the coming fiscal year.
Overall, the Town of Creston’s assessment roll increased from $694 million last year to $706 million this year. The Village of Kaslo’s assessment roll increased from $179 million last year to $182 million this year. The assessment roll for the rural area surrounding Creston and Kaslo, and including the East Shore of Kootenay Lake, stayed steady at $2.1 billion this year. Of the communities noted above, almost $32 million of the assessment change is attributable to subdivisions, rezoning and new construction.
Hickson added that commercial and industrial properties in Creston and Kaslo will see changes of plus or minus five per cent.
“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 BC Assessment as indicated on their notice as soon as possible in January,” said Hickson.
“If a property owner is still concerned about their assessment after speaking to one of our staff, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review by a property assessment review panel,” added Hickson.
The property assessment review panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and March 15 to hear formal complaints.