Property assessments on the rise

Property values in Grand Forks went up almost five per cent from the year before.

  • Jan. 13, 2016 5:00 a.m.

Property values in Grand Forks went up almost five per cent from the year before. Single family residential properties for Grand Forks are valued at an average of $194,000 up from $189,000 from a year ago. The information on property values comes from the 2016 B.C. Assessment, which was released recently. The assessment develops and maintains real property assessments throughout British Columbia in addition to providing real property information.

According to the BC Assessment website, the assessments are in compliance with the Assessment Act, which requires that properties be assessed as of July 1 of each year. To do this, BC Assessment produces assessment information annually to provide tax authorities with a tax base and other information collecting about property.

According to the site, property values are assessed by taking into account a number of factors such as location, age of home, size of home, size of lot, miscellanous features, comparable sales prices and other real estate information. The information is gathered from a number of sources such as building permits, land titles, real estate transactions, on-site inspections, aerial and street front imagery, and owner reporting.

Assessments are completed by July 1 and mailed to property owners in January. Assessments can also be viewed online at evalueBC, which is on the bcassessment.ca website. Property owners can also check out the assessments of neighbouring properties for comparison. Residents can also call 1-866-ValueBC with any questions. Anyone wishing to appeal their assessment has until Feb. 1 to file an appeal. The assessments are used to determine property taxes.

“The value of all real estate on the annual provincial assessment roll is more than $1.3 trillion and provides the foundation for local and provincial taxing authorities to finance communities with billions of dollars in property tax revenue,” said the website.

A total of 1,996,112 properties were assessed this year, up 1.06 per cent from the year before. The total value of real estate assessed in B.C., $1.34 trillion, is up 11.1 per cent from the previous year. The value of new construction, subdivisions and rezonings was $20.36 billion, up 8.9 per cent.

In the Kootenay-Columbia region, owners of more than 142,000 properties will be receiving their assessments this month.

“The majority of residential homeowners 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. “Most homeowners 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 typical percentage change in value (as of July 1) has increased from 0 to +10 per cent for residential single family homes and residential strata units such as condos, and -5 to +5 per cent for commercial and light industrial. Overall, the Kootenay Columbia region’s assessment roll increased from $36.97 billion in 2015 to $37.89 billion this year.

A press release stated that value reflects a change due to market movement as well as $361 million in growth due to subdivisions, rezoning and new construction. The Kootenay Columbia region includes the southeast portion of the province from Cranbrook to Grand Forks and from Trail to Golden.

The 2016 assessment roll (market value as of July 1, 2015) estimated value for single family residential properties in the City of Grand Forks is $194,000, up from $189,000 in 2015. By comparison, Trail is $155,000, down from $166,000 in 2015; Nelson is $333,000, up from $315,000; Greenwood is the lowest valued at $125,000, which is actually up from 2015’s $121,000; Midway is $176,000, up from $173,000 in 2015; and Castlegar is $264,000, up from $254,000 in 2015.

Although there are no estimated average values for RDKB rural areas, Shah said Area D/Rural Grand Forks properties are up an average of 5 to 10 per cent from last year, while Area C/Christina Lake is up 10 to 15 per cent.

Shah urges property owners to go the BC Assessment website and compare assessments with their neighbours. “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 Feb. 1 for an independent review by a Property Assessment Review Panel.”

Just Posted

Company granted leave to appeal Lemon Creek charges

Executive Flight Centre won a decision in the BC Court of Appeal

Young Grand Forks angler wins top B.C. fishing award

Nine-year-old Noah Dalla Lana was honoured at this year’s BC Wildlife Federation Gala

Kaslo bus fueled by vegetable oil to begin service next month

Mountain Man Mike’s will run routes to Vancouver and eventually Edmonton

Grand Forks woman lays wreath at grave of local soldier buried in England

Cpl. Alfred Gyde Heaven lied about his age to enlist in the Canadian army in 1916

The quirks and perks of living in England

From Grand Forks to Great Britain: Kalyeena Makortoff on becoming a U.K. permanent resident.

Killer of Calgary mother, daughter gets no parole for 50 years

A jury found Edward Downey guilty last year in the deaths of Sara Baillie, 34, and five-year-old Taliyah Marsman

Raptors beat Bucks 120-102 to even series at 2-2

Lowry pours in 25 as Toronto moves within two games of NBA Finals

Body of missing snowmobiler recovered from Great Slave Lake

Police confirm the body is that of one of three missing snowmobilers

Toddler seriously injured after falling from Okanagan balcony

RCMP are investigating after a two-year-old boy fell from the balcony of an apartment in Kelowna

Cost jumps 35% for Trans-Canada Highway widening in B.C.

Revelstoke-area stretch first awarded under new union deal

Is vegan food a human right? Ontario firefighter battling B.C. blaze argues it is

Adam Knauff says he had to go hungry some days because there was no vegan food

Winds helping in battle against fire threatening northern Alberta town

Nearly 5,000 people have cleared out of High Level and nearby First Nation

B.C. sends 267 firefighters to help battle Alberta wildfires

Out of control fires have forced evacuations in the province

Most Read