The average single family residential assessment in Revelstoke has jumped by 21.1% over the same period last year, the biggest increase in the Kootenay Columbia zone, and far ahead of the second-place Village of Midway, which increased by 14.2%.
The average assessed value of a Revelstoke residential home jumped from $360,000 as of July 1, 2016 to $436,000 as of July 1, 2017. BC Assessment, the provincial organizations tasked with assessing property values in B.C., released their annual assessment report on Jan. 2, just ahead of distribution of property assessment notices.
Overall, there was an increase in Kootenay Columbia property values. “The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” says BC Assessment Deputy Assessor Ramaish Shah. “Some markets have moved more than others. Revelstoke, for instance, has seen strong demand for housing over the past year. Some areas have seen a decrease in demand as well, and this is reflected in the current assessed values.”
Kootenay Columbia residential property assessment changes 2017–2018
So, does this mean your property taxes are going up by 21.1%? It’s the perennial question following the standard early-January assessments story. The answer is no, it doesn’t.
In general, increasing (or decreasing) property values are like a tide that floats all boats; on average, if all property values increase by the same amount, the same total tax burden remains spread evenly over all the properties.
The key is finding out if your individual property assessment increased by more or less than the 21.1% average increase. If your assessment increased more than the average, then expect to pay more come tax time, and vice versa if your property assessment increased by less than 21.1%
You can easily find your new assessment by searching your home address on the BC Assessment homepage.