Property assessments have risen across the West Kootenay/Boundary, ranging from a low of four per cent in Warfield to a high of 29 per cent in Slocan.
In actual dollars, the highest average assessment in the West Kootenay is Nelson at $675,000, although the increase over 2022 of five per cent was modest compared to other places.
“Most homeowners throughout the Kootenay Columbia region can expect an increase in assessed value between five and 20 per cent with a handful of communities higher than that range,” deputy assessor Sharlynn Hill said in a news release.
“Property owners need to consider that 2023 assessments are based on the market value as of July 1, 2022, meaning what your home could have sold for last summer and not necessarily what it would sell for in today’s shifting market.”
The highest average assessments region-wide were in Fernie ($838,000) and Revelstoke ($801,000).
In the next few days, owners of about 150,000 properties throughout the region can expect to receive their 2023 assessment notices.
Overall, Kootenay Columbia’s total assessments increased from $60.6 billion in 2022 to over $69.7 billion this year. Almost $883 million of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
The summaries below provide estimates of typical 2022 versus 2023 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:*
| Single Family Home Changes by Community | 2022 Typical Assessed Value
as of July 1, 2021 |
2023 Typical Assessed Value
as of July 1, 2022 |
%
Change |
| City of Castlegar | $422,000 | $497,000 | +18% |
| City of Cranbrook | $396,000 | $446,000 | +13% |
| City of Fernie | $705,000 | $838,000 | +19% |
| City of Grand Forks | $362,000 | $403,000 | +11% |
| City of Greenwood | $222,000 | $235,000 | +6% |
| City of Kimberley | $403,000 | $472,000 | +17% |
| City of Nelson | $644,000 | $675,000 | +5% |
| City of Revelstoke | $718,000 | $801,000 | +12% |
| City of Rossland | $500,000 | $579,000 | +16% |
| City of Trail | $302,000 | $350,000 | +16% |
| District of Elkford | $290,000 | $344,000 | +18% |
| District of Invermere | $527,000 | $589,000 | +12% |
| District of Sparwood | $324,000 | $415,000 | +28% |
| Town of Creston | $360,000 | $414,000 | +15% |
| Town of Golden | $518,000 | $553,000 | +7% |
| Village of Canal Flats | $277,000 | $285,000 | +3% |
| Village of Fruitvale | $383,000 | $418,000 | +9% |
| Village of Kaslo | $393,000 | $470,000 | +20% |
| Village of Midway | $293,000 | $338,000 | +15% |
| Village of Montrose | $410,000 | $437,000 | +7% |
| Village of Nakusp | $342,000 | $387,000 | +13% |
| Village of New Denver | $286,000 | $361,000 | +26% |
| Village of Radium Hot Springs | $397,000 | $454,000 | +14% |
| Village of Salmo | $319,000 | $375,000 | +18% |
| Village of Silverton | $312,000 | $394,000 | +26% |
| Village of Slocan | $295,000 | $381,000 | +29% |
| Village of Warfield | $370,000 | $385,000 | +4% |
All data calculated based on median values.
These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select urban communities:*
| Strata Home Changes (Condos/Townhouses)
By Community |
2022 Typical Assessed Value
as of July 1, 2021 |
2023 Typical Assessed Value
as of July 1, 2022 |
%
Change |
| City of Cranbrook | $221,000 | $247,000 | +12% |
| City of Nelson | $513,000 | $559,000 | +9% |
All data calculated based on median values.
If you feel that your assessment is incorrect, you can contact BC Assessment. If you are still concerned after speaking to an appraiser, you can file an appeal by Jan. 31 to a review panel, which typically meet between Feb. 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Hill. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
