Residential property values in Nelson rose an average of two per cent, according to the BC Assessment Authority, less than the overall average for the region.
“The majority of Kootenay Columbia home owners can expect an increase when compared to last year’s assessments,” said deputy assessor Ramaish Shah in a statement.
“The changes in home values are moderating in many cases as compared to the past several years. Some communities, however, are seeing higher demand than in previous years and that is reflected in this year’s assessments.”
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Kootenay Columbia’s total assessments of 147,500 properties increased from about $43.6 billion in 2019 to almost $46.7 billion, an increase of seven per cent.
A total of about $571 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 summary below provides estimates of typical 2019 versus 2020 assessed values of properties in the West Kootenay.
These examples demonstrate market trends for single-family residential properties:
• Nelson: $461,000 to $471,000 (+2%)
• Kaslo: $252,000 to $268,000 (+6%)
• Salmo: $188,000 to $225,000 (+20%)
• Slocan: $166,000 to $165,000 (-1%)
• New Denver: $202,000 to $207,000 (+3%)
• Silverton: $247000 to $246,000 (0%)
• Castlegar: $307,000 to $320,000 (+4%)
• Grand Forks: $250,000 to $253,000 (+1%)
• Greenwood: $133,000 to $134,000 (+1%)
• Rossland: $335,000 to $362,000 (+8%)
• Trail: $196,000 to $205,000 (+5%)
• Fruitvale: $276,000 to $288,000 (+5%)
• Midway: $212,000 to $196,000 (-7%)
• Montrose: $271,000 to $279,000 (+3%)
• Nakusp: $235,000 to $237,000 (+1%)
• Warfield: $221,000 to $256,000 (16%)
For strata residential properties in Nelson, the typical values went from $378,000 to $411,000 (+9%)
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” says Shah. “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 top valued properties
The BC Assessment website shows a list of the 100 properties in Kootenay Columbia with the highest assessed value. Most are in the East Kootenay, with the Invermere area showing up the most often.
Only seven of those 100 properties are in the West Kootenay Boundary: No. 8 on the list is an acreage near Grand Forks valued at $3,952,000, and 23rd is the Blaylock estate on Kootenay Lake’s north shore, valued at $2,874,000.
The other five are all in the Creston and Grand Forks areas.
BC Assessment’s website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020’s top valued residential properties across the province.
Search, check and compare
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province.
Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use the interactive map. New for 2020, the website is fully mobile-friendly.
“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, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Shah.
Disagree? Complain by Jan. 31
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint by Jan. 31, for an independent review by a property assessment review panel,” adds Shah.
The review panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between Feb. 1 and March 15 to hear formal complaints.