Property values decrease marginally for 2013

More than 8,000 property owners throughout the Castlegar area can expect to receive their 2013 assessment notices in the next few days.

BC Assessment

More than 8,000 property owners throughout the Castlegar area can expect to receive their 2013 assessment notices in the next few days.

“Most homes in Castlegar and its surrounding rural area have decreased marginally in value compared to last years assessment roll,” said Dennis Hickson, Deputy Assessor. “For example, a typical single family home in Castlegar that was assessed at $261,000 in 2012 is valued at $257,000 for the 2013 assessment roll.”

Overall, the City of Castlegars 2013 Assessment Roll was unchanged at $1.2 billion. The assessment roll comprising Castlegars rural area decreased from $963 million last year to $958 million this year. Of the communities noted above, a total of almost $22.8 million of the assessment change is attributable to new growth which includes subdivisions, rezoning and new construction.

In addition, owners of commercial and industrial properties in the City of Castlegar will see changes ranging from +5 per cent to +10 per cent.

Castlegar had the lowest drop in residential property values compared to similar sized communities in the West Kootenays .

Castlegar’s residential assessment for 2012 was -0.45 per cent. By comparison, Nelson’s was -2.45 and Trail was -0.44.

Castlegar. with a growth of 7.16 per cent, was above average for business and other classifications, which included industrial, commercial and other investment types of properties. Nelson was slightly ahead of Castlegar with 7.59, while Trail trailed with 5.27.

“When I have a look at the BC Assessment, we’ve seen a very slight decline, less than half a per cent, of the homes in the Castlegar area,” said councillor Kevin Chernoff, who is also the deputy chair of the finance and corporate services committee. “We faired very well compared to most places. Most have seen much more per cent declines in their property values. We pretty much stayed right even.”

Chernoff attributes the lack of decline to the strength of the local economy.

“Our economy is fairly strong,” he said. “When you look to the other side of that which is the commercial where you’re seeing an increase of 7.16 per cent, it shows business-wise, the economy is pretty good here and our property values are a reflector of that.”

BC Assessment is an independent, provincial Crown corporation, governed by a board of directors and is accountable to the government of B.C.

The mandate of BC Assessment is to establish and maintain uniform real property assessment throughout British Columbia in accordance with the Assessment Act.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office 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 appraisers, they may submit a Notice of Complaint (Appeal) by January 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 February 1 and March 15 to hear formal complaints.

The Nelson/Trail Assessment Office is located at 502 Victoria Street in Nelson. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or via www.bcassessment.ca .

Visit www.bcassessment.ca for more information about the 2013 Assessment Roll including lists of 2013s top most valuable residential properties across the province.

New for 2013, property owners can also visit the website for an online customer service survey, available until January 31.

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.

 

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