Most Creston property owners will by now have received their 2018 property assessment notices in the mail.
“The majority of residential home owners within the (Kootenay Columbia) region can expect an increase compared to last year’s assessment,” deputy assessor Ramaish Shah said in a press release from the Nelson office. “Some markets have moved more than others. Revelstoke, for instance, has seen strong demand for housing over the past year. Some areas have seen a decrease in demand as well, and this is reflected in the current assessed values.”
Assessment notices are intended to the reflect property market values as of July 1, 2017 and values are influenced by sales in the area and changes to specific properties.
In Creston, assessments have increased an average of 7.8 per cent since last year, with a property valued at $232,000 on July 1, 2016 now valued for July 1, 2017 ay $250,000.
Increases are larger in some areas in which market activity has been busy. A property owner on 16th Avenue North reports an increase of 18 per cent, which is near the upper end of the range from -5 per cent to +20 per cent reported for single detached homes in the Kootenay Columbia region.
Revelstoke, with its popular ski facility, has experienced an average increase of 21.1 per cent, while Elkford has had no change in assessment averages.
Additional information about property assessments can be found at bcassessment.ca, which includes more details about 2018 assessments, property information and trends such as lists of 2018’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 2018 property assessments for anywhere in the province.
“Property owners can find a lot of 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, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Shah.
“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 31st, for an independent review by a Property Assessment Review Panel,” adds Shah.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.