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Homeowners see noticeable increases in 2022 assessments

Kootenay Columbia Deputy Assessor Sharlynn Hill said the demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types.

Homeowners are going to get a shock in the next few days after receiving their 2022 assessments.

In a media release Tuesday, BC Assessment said owners of about 150,000 properties throughout the Kootenay Columbia region will receive their 2022 assessment notices that reflect market value as of July 1, 2021.

"Homeowners in the Kootenay Columbia region can expect noticeable increases in their 2022 assessments compared to last year,” said Kootenay Columbia Deputy Assessor Sharlynn Hill.

“The demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types.

“The year over year change in the typical values has been relatively consistent throughout the region and generally with double-digit percentage rises for most communities.”

 Hill said B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

The highest increase in the West Kootenay/Boundary is Greenwood and Slocan, at 53 and 51 percent, respectively.

Other notables include Grand Forks 33 percent; Rossland 33 percent, Trail 32 percent, Kaslo 31 percent, Nelson 28 percent, Nakusp 25 percent and Salmo at 19 percent.

Hill said Kootenay Columbia’s total assessments increased from $49.7 billion in 2021 to $60.7 billion this year.

Nearly $725 million of the region’s updated assessments is from new construction, subdivisions and the 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 summaries below provide estimates of typical 2021 versus 2022 assessed value changes of residential properties for each community throughout the region.

These examples demonstrate market trends for single-family residential properties by geographic area:*​

Table summary courtesy BC Assessment