BC Assessment says property owners can expect increases to their 2015 property assessments.

Property assessments increase in 2016

BC Assessment says property owners can expect increases to their 2016 property assessments.

Castlegar residents can expect to receive their 2016 assessment notices in the next few days and many can expect an increase, according to BC Assessment.

The assessment notices will reflect market values as of July 1, 2015. In Castlegar the assessed values of single family residential homes increased by 4 per cent from $254,000 in 2015 to $264,000 in 2016.

Property owners are likely to see increases not just in Castlegar, but the whole of the Kootenay Columbia region.

“The majority of residential home owners within the region can expect an increase, compared to last year’s assessments,” said Ramaish Shah, Kootenay Columbia Region deputy assessor, in a press release circulated on Monday. “Most home owners in the Kootenay Columbia region will see modest increases depending on their location. For example, a typical single family home in Nelson that was previously assessed at $315,000 was valued at $333,000 in the summer of 2015.”

The Kootenay Columbia region’s assessment roll increased by 2.5 per cent from $36.97 billion in 2015 to $37.89 billion this year.

According to BC Assessment, “this value reflects a change due to market movement as well as $361 million in growth due to subdivisions, rezoning and new construction.”

The estimated typical percentage changes to assessment values in the Kootenay Columbia region are as follows:

  • Residential single family homes: zero to ten per cent
  • Residential strata units (condos): zero to ten per cent
  • Commercial: minus five to plus five per cent
  • Light industrial: minus five to plus five per cent

For those who want to learn more about their 2016 assessment, BC Assessment has recently launched a newly-enhanced website at bcassessment.ca, which includes more details about 2016 assessments, property information and trends, such as lists of 2016’s top most valuable residential properties across the province.

The website also includes a tool called e-valueBC that allows anyone to search and compare 2016 property assessments 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, 2015 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said 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 February 1 for an independent review by a property assessment review panel.”

The closest Kootenay Columbia Region Assessment office is located in Nelson at 176 333 Victoria St. or property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca. During the month of January, their office hours are 8:30 a.m. to 5 p.m., Monday to Friday.

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