Castlegar tops region for strong property values

Castlegar Source
By Castlegar Source
January 4th, 2013

A Castlegar city councillor said he’s delighted to see only a marginal decrease in local residential property values, despite larger decreases being seen across the province.

Kevin Chernoff said BC Assessment’s recent release of property assessments saw Castlegar coming out a strong leader.

“We fared way better than most of the province – I think we really held our own, with residential values going down less than half of one per cent (as compared to Trail’s .99 per cent drop and Nelson’s 2.47 per cent) – that’s less than any other community of a comparable size in our region. Montrose and Warfield are the only two municipalities in our region with smaller decreases than us,” he said.

“I think it says really good things about our economy, especially when you consider the other side of it, which is that business property values went up 7.16 per cent.”

 Deputy assessor Dennis Hickson, with BC Assesment, said more than 8,000 property owners throughout the Castlegar area can expect to receive their 2013 assessment notices in the next few days.

“Most homes in Castlegar and its surrounding rural area have decreased marginally in value compared to last year’s assessment roll,” he said. “For example, a typical single family home in Castlegar that was assessed at $261,000 in 2012 is valued at $257,000 for the 2013 assessment roll.  

Overall, he added, the City of Castlegar’s 2013 Assessment Rollwas unchanged at $1.2 billion.

“The assessment roll comprising Castlegar’s rural area decreased from $963 million last year  to $958 million this year,” he said. “Of the communities noted above, a total of almost $22.8 million of the assessment change is attributable to new growth which includes subdivisions, rezoning and new construction. 

“In addition, owners of commercial and industrial properties in the City of Castlegar will see changes ranging from +five per cent to +10 per cent.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Hickson.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel.”

The Nelson/Trail Assessment Office located at 502 Victoria Street in Nelson.  During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or by email at connect@bcassessment.ca


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