Revelstoke property assessments increase again, but not as much as previous year

Over the next few days, Revelstoke property owners can expect to receive their 2023 assessment notices, which reflect market values as of July 1, 2022.

“Most homeowners throughout the Kootenay Columbia region can expect an increase in assessed value between 5% and 20% with a handful of communities higher than that range,” says Kootenay Columbia Deputy Assessor Sharlynn Hill. “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.”

Overall, Kootenay Columbia’s total assessments increased from $60.6 billion in 2022 to over $69.7 billion this year, says BC Assessments in a news release on January 3, 2023. They report that almost $883 million of the region’s updated assessments are from new construction, subdivisions and the rezoning of properties.

The City of Revelstoke saw a 12 per cent increase in the typical assessed value of a single-family home this year, jumping from $718,000 in July of 2021 to $801,000 in 2022. This year’s increase is significantly lower than last year’s 32 per cent increase from 2020 to 2021.

Revelstoke fell somewhere in the middle for assessed changes in market trends for single-family residential properties in 2023, with the biggest change at 29 per cent and the lowest increase at three per cent.

The communities with the largest market trend change in 2023 are the Village of Slocan, with a 29 per cent increase and the District of Sparwood, with a 28 per cent increase.

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

Graph from BC Assessments.

Of the 100 top-valued properties for the Kootenay Columbia region in 2023, a Revelstoke property on Catherwood Road ranked ninth in total taxable value for the region.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Hill. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”

The total number of properties in B.C. on the 2023 roll is 2,160,828, an almost one percent increase from 2022, says BC Assessment. The total value of real estate on the roll in 2023 is $2.72 trillion, an increase of nearly 12 percent from 2022.

BC Assessment’s website at bcassessment.ca includes more details about 2023 assessments, property information, trends and an interactive map that shows geographical data.

Property owners will receive their assessments in the mail but can also check their property using the BC Assessment map search.