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The assessments are in and Cranbrook homes remain stable

As 2014 marks BC Assessment’s 40th anniversary, owners of more than 14,000 properties in the City of Cranbrook and the surrounding area can expect to receive their 2014 assessment notices in the next few days.

“Most homes in Cranbrook are remaining stable in value compared to last year’s assessment roll,” said Rod Ravenstein, Kootenay Region Deputy Assessor. “Most home owners in the City of Cranbrook will see only modest changes depending on location. For example, a typical single family home in Cranbrook that was previously assessed at $250,000, was valued at $253,000 in the summer of 2013.”

Overall, the City of Cranbrook’s Assessment Roll increased from $2.63 billion last year to $2.66 billion this year. This value reflects a modest change due to market movement as well as $24.5 million in growth due to subdivisions, rezoning and new construction.

The examples below demonstrate local market trends for residential properties by geographic area;

City of Cranbrook & Area. (Valuation dates are taken in July 1 of the year.)

City of Cranbrook

$ 250,000 (2012)

$ 253,000 (2013)

Victoria Meadows/Panorama

$ 253,000 (2012)

$ 261,000 (2013)

Park Royal

$ 348,000 (2012)

$ 357,000 (2013)

Anderson/Sylvan/Summit

$ 268,000 (2012)

$ 279,000 (2013)

Gyro Park

$ 225,000 (2012)

$ 223,000 (2013)

Joseph Creek/Brookview

$ 234,000 (2012)

$ 231,000 (2013)

Southview

$ 318,000 (2012)

$ 328,000 (2013)

Cranbrook Rural Fire Protection

$ 300,000 (2012)

$ 291,000 (2013)

In addition, owners of commercial and industrial properties in the City of Cranbrook will see modest changes in the 0 to 5% range.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” said Ravenstein.

“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 January 31, for an independent review by a Property Assessment Review Panel,” added Ravenstein.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.

The East Kootenay assessment office is located at Suite 200, 117 Cranbrook St North in Cranbrook. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “CONNECT” at www.bcassessment.ca.

Visit www.bcassessment.ca for more information about the 2014 Assessment Roll including lists of 2014’s top 100 most valuable residential properties across the province.

Of note, 2014 is BC Assessment’s 40th anniversary, marking forty years of value to British Columbia.

Facts on B.C. Property Assessments and the 2014 Assessment Roll.

Total number of properties on the 2014 roll is 1,954,445, an approximate 1% increase from 2013.

Total value of real estate on the 2014 roll is $1,141,848,449,910, a 1.35% increase from 2013.

Total amount of ‘non-market change’, including new construction and development: approximately $17.54 billion, an increase of 5.38% from the 2013 roll of $16.64 billion.

In B.C., approx. 87.7% of all properties are classified with some residential (Class 1) component. This equates to over $864 billion of the value on the total provincial roll.

Over 98% of property owners accept their property assessment without proceeding to a formal, independent review of their assessment.

Assessments are the estimate of a property’s market value as of July 1, 2013 and physical condition as of October 31, 2013. This common valuation date ensures there is an equitable property assessment base for property taxation.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

Real estate sales determine a property’s value which is reported annually by BC Assessment.  Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.

BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 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.

BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to www.bcassessment.ca and click on the e-valueBC link.  Copies of neighbourhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province.

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