This brief first appeared in print in the February 2020 issue of Revelstoke Mountaineer Magazine.
Revelstoke is home to the fourth highest valued residential property in the Kootenay Columbia region for 2019. According to BC Assessment, the assessed value of single family residential property in Revelstoke has increased 10% since last year.
BC Assessment valuates property across the province in July each year, and releases its assessment report in January. For 2020, the average assessed value of a single-family residential home was $509,000 — a 10% increase from 2019. in Revelstoke, the highest valued property is unit 27, 2080 Mackenzie Court in Arrow Heights. That property is valued at $4,762,000, and is the fourth highest in the Kootenay Columbia.
Other assessed categories for Revelstoke also saw increases for 2020. Properties categorized as business/other increased by 7.3%, while light industry saw an increase of 8.5%. Neighbourhood values also saw increases with Big Eddy residential property values increasing by 15.6%, Central Revelstoke up 11.4% and Arrow Heights rising by 8.6%.
Single-family residential values increased throughout the Kootenay Columbia region, with Creston, Salmo and Warfield all seeing larger increases than in Revelstoke.
The 10% jump in the average assessed value for single-family residential properties comes on the heels of 2019’s 21.1% increase. In a statement released by BC Assessment, deputy assessor Ramaish Sha said, “the changes in home values are moderating in many cases as compared to the past several years. Some communities, however, are seeing higher demand than in previous years and that is reflected in this year’s assessments.”
While the value of properties in Revelstoke may have increased overall, it is important to note this doesn’t necessarily correlate an increase in property taxes for home owners. How much more, or less, you’ll pay in property taxes is dependent on a number of factors including whether the assessed value increased or decreased based on the 10% average and the value of the property in comparison to other properties in the city.
This story first appeared in the January 2020 issue of the Revelstoke Mountaineer Magazine.