Revelstoke single family residential property assessments increased 10% in value since last year, according to BC Assessment.
Assessments are sent to property owners at the start of the year, and the valuation date is July 1 from the previous year.
As of July 1, 2019, the typical assessed value of a Revelstoke single-family residential home was $509,000, up by 10% from the previous year, when the value was $462,000.
Across all categories, values were up. Single-family dwelling were up by 9.7%, but residential strata assessments were up by 14.3%; combined, the total is 10%. The value of properties categorized as business/other increased by 7.3%. Light industry increased by 8.5%.
BC Assessment also includes neighbourhood value increases. The Big Eddy led property value increases, with a total residential value increase of 15.6%. Central Revelstoke increased by 11.4%. The Arrow Heights neighbourhood was up by 8.6%.
In general, single-family residential values were up in the Kootenay Columbia region. Salmo, Warfield and Creston all had larger increases than Revelstoke, which was fourth in property assessment increases in the region.
Revelstoke is home to the fourth highest valued residential property in the Kootenay Columbia region. Unit 27, 2080 Mackenzie Court in Arrow Heights is valued a $4,762,000.
Backgrounder on assessments and property taxation
BC Assessments releases its updated assessment values at the start of the year.
Each year, as seen in social media reaction to property assessment stories published by revelstokemountaineer.com, there is often confusion caused by a lack of understanding of how property assessments relate to property taxes.
In general, think of assessments as an indicator of a property’s value based on the real estate market and a whole host of factors BC Assessment uses to determine the value of your property, many of them quite opaque. (In addition, the assessed value and your home’s actual value if you were to sell it tomorrow are two separate things, although they are related.)
The direct impact your assessment has on your property taxes relates to your property’s value change relative to everyone else’s in the city. If your individual property’s value increased more than the average, then your portion of the property tax burden will increase. If your property value increased less than the 10% residential average, then your portion of the property tax burden will decrease. However, for the average residential homeowner experiencing a small one- or two-percentage variation from the average, the change will not be very significant, since property taxation is based on a mill rate for the overall value of the property. That means for a property that, for example, increased two-per-cent more than the average, the property owner will pay a small percentage more of property taxes on that extra two-per-cent based on the mill rate, not a straight two-per-cent increase.
In broad brush strokes, another way to think of it is this: If the Revelstoke regional, municipal and school budgets all combined were the exact same total dollar value from one year to the next, but everyone’s property value increased by 25% during that year, everyone’s property tax bill would remain the same as the year before. (In fact, it’s more complicated than that, but it’s a helpful way of understanding the general picture.)
For residential homeowners interested in finding out if you’ll be paying a little more or getting a little break, the first calculation to make is to search your property on the BC Assessment website here to determine whether your residential property’s value increased more or less than the 10% average Revelstoke residential increase.