Property Values Remain Relatively Stable for 2015

Assessment notices have been sent to property owners in Castlegar area and should arrive shortly.

  • Jan. 2, 2015 4:00 p.m.

Within the next few days, owners of more than 8,000 properties throughout the Castlegar area will be receiving their 2015 assessment notices.

These assessments are the estimate of a property’s market value as of July 1, 2014 and physical condition as of October 31, 2014.

“Most homes in Castlegar and its surrounding area have remained relatively stable in value compared to last year’s assessment roll,” said Dennis Hickson, Deputy Assessor. “Most home owners in Castlegar will see modest changes in the -5 to +5 per cent range. A typical single family home in this area that was previously assessed at $260,000 is valued at $258,000 for the 2015 Assessment Roll.”

Overall, the City of Castlegar’s 2015 assessment roll was unchanged at $1.2 billion. The assessment roll comprising Castlegar’s rural area sat at $976 million last year and has decreased to $947 million this year. From Castlegar and it’s surrounding area, a total of almost $13 million was added through subdivisions, rezoning and new construction.

Additionally, owners of commercial and industrial properties in will see changes ranging from -5 to +10 per cent.

Changes in property assessments are a direct reflection of movement in the local real estate market and can vary greatly from property to property.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2014 or see incorrect information on their notice should contact BC Assessment 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 February 2, for an independent review by a Property Assessment Review Panel,” added Hickson.

While these options are available, over 98 per cent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

BC Assessment’s assessment rolls provide the foundation for local and provincial taxing authorities to raise more than $6.8 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province, including the public school system.

To make things easier and more accessible for the public, BC Assessment has launched a newly-enhanced version of its free e-valueBC service that allows  people to search, check and compare properties online.

Property owners can contact BC Assessment toll-free at 1-866-825-8322 or online by clicking “CONNECT” at www.bcassessment.ca.

 

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