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Creston assessment values see 27% increase

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Every municipality in the Kootenays saw an increase in the assessed value of its properties, including a 27 per cent increase in Creston.

Homeowners in the region can expect noticeable increases in their 2022 assessments compared to last year,” Kootenay Columbia deputy assessor Sharlynn Hill said in a news release.

The demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types. The year over year change in the typical values has been relatively consistent throughout the region and generally with double-digit percentage rises for most communities.”

Owners of almost 150,000 properties throughout the region can expect to receive their 2022 assessment notices within the next few days, which reflect market value as of July 1, 2021.

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BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, Kootenay Columbia’s total assessments increased from $49.7 billion in 2021 to $60.7 billion this year. Nearly $725 million of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.

BC Assessment’s Kootenay Columbia region covers the southeast portion of the province from Fernie  to Grand Forks and from Revelstoke to Cranbrook.

If you feel that your assessment does not reflect the market value of your property, you can contact BC Assessment. After speaking to an appraiser, you may appeal by Jan. 31 for an independent review by a panel that usually meets between Feb. 1 and March 15 to hear complaints.

It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Hill says“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.”

The summaries below provide estimates of typical 2021 versus 2022 assessed value changes of residential properties for each community throughout the region.

Single Family Home Changes by Community

2021 Typical Assessed Value as of July 1, 2020

2022 Typical Assessed Value as of July 1, 2021

Change

City of Castlegar

$348,000

$422,000

+21%

City of Cranbrook

$327,000

$397,000

+21%

City of Fernie

$605,000

$706,000

+17%

City of Grand Forks

$273,000

$363,000

+33%

City of Greenwood

$149,000

$228,000

+53%

City of Kimberley

$339,000

$404,000

+19%

City of Nelson

$504,000

$646,000

+28%

City of Revelstoke

$546,000

$719,000

+32%

City of Rossland

$380,000

$504,000

+33%

City of Trail

$230,000

$303,000

+32%

District of Elkford

$255,000

$290,000

+14%

District of Invermere

$418,000

$527,000

+26%

District of Sparwood

$298,000

$324,000

+9%

Town of Creston

$284,000

$361,000

+27%

Town of Golden

$392,000

$518,000

+32%

Village of Canal Flats

$194,000

$277,000

+43%

Village of Fruitvale

$301,000

$383,000

+27%

Village of Kaslo

$299,000

$393,000

+31%

Village of Midway

$227,000

$293,000

+29%

Village of Montrose

$316,000

$410,000

+30%

Village of Nakusp

$274,000

$342,000

+25%

Village of New Denver

$226,000

$277,000

+23%

Village of Radium Hot Springs

$315,000

$397,000

+26%

Village of Salmo

$269,000

$319,000

+19%

Village of Silverton

$271,000

$312,000

+15%

Village of Slocan

$196,000

$295,000

+51%

Village of Warfield

$277,000

$371,000

+34%

*All data calculated based on median values.

These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) for Cranbrook and Nelson:

Strata Home Changes (Condos/Townhouses) By Community

2021 Typical Assessed Value as of July 1, 2020

2022 Typical Assessed Value as of July 1, 2021

% Change

City of Cranbrook

$184,000

$221,000

+20%

City of Nelson

$417,000

$513,000

+23%

*All data calculated based on median values.

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