In the next few days, owners of about 150,000 properties throughout the Kootenay Columbia region can expect to receive their 2021 assessment notices, which reflect market value as of July 1, 2020.
Be prepared for another increase, Fernie has the highest assessed values in the region and 2021 assessments will increase another whopping 10%.
“The majority of Kootenay Columbia homeowners can expect a moderate increase in their 2021 assessments compared to last year,” says Deputy Assessor Sharlynn Hill. “Some of the smaller communities have experienced higher demand than previous years and that is reflected in this year’s assessments.”
As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
The table below indicates British Columbia’s estimated range of percentage changes to 2021 assessment values for residential properties compared to 2020. Please note property assessments may vary by jurisdiction or municipality across the province,
Overall, Kootenay Columbia’s total assessments increased from about $46.6 billion in 2020 to almost $49.8 billion this year. A total of about $488 million of the region’s updated assessments is from new construction, subdivisions and 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.
The summaries below provides estimates of typical 2020 versus 2021 assessed values of properties throughout the region.
“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, 2020 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor Sharlynn Hill.
“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 February 1st, for an independent review by a Property Assessment Review Panel,” adds Hill.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints. There are local Elk Valley residents on the panel.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Hill. “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.”
Unfortunately the rates are calculated based on the overall community and your property could have it’s assessed value improperly calculated based on other activity in your neighbourhood. If your unhappy with your assessment file your appeal here. The appeal is free and they will listen and consider your reasons.
Property owners can also contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322).