Property owners in Revelstoke and the rest of the Kootenay-Columbia region can expect their 2022 assessment notices in the mail any day now. Owners of around 150,000 properties throughout the region will receive the notices that reflect the value of their property for taxation purposes as of July 1, 2021.
The typical assessed value for properties in Revelstoke jumped 32 per cent from 2021 to this year’s assessment. The typical assessed value as of July 1, 2020 in the city was $546,000. The new typical assessed value is now $719,000.
The Kootenay-Columbia region, which covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook, saw a total assessment increase from $49.7 billion in 2021 to $60.7 billion this year. Nearly $725 million of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
“Homeowners in the Kootenay-Columbia region can expect noticeable increases in their 2022 assessments compared to last year,” says Kootenay-Columbia Deputy Assessor Sharlynn Hill.
“The demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types. The year over year change in the typical values has been relatively consistent throughout the region and generally with double-digit percentage rises for most communities.”
The top valued residential property in Revelstoke this year is Unit 27 at 2080 Mackenzie Court, which is assessed at 7,190,000.
Property owners should only expect to see a change in their property taxes if their assessment has increased more than the average of the community.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Hill explains.
“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.”
Hill also advises that anyone who feels their property assessment does not reflect market value – or sees incorrect information on their notice – should contact BC Assessment as soon as possible in January.