The housing situation in Revelstoke has been problematic for many trying to purchase a home to live the mountain lifestyle. Even with houses being listed regularly, the demand is still not being met.
Revelstoke residents should expect to see their property assessment in the mail shortly. These increased property values will be in effect as of July 1st, 2018.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” says 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.”
The following 2018 BC Assessment ranges are estimations based on the assessed value of the property type from the previous year with some assessments varying by individual jurisdiction/ municipality within the region.
Residential Single Detached Homes -5% to +20%
Residential Strata Units (e.g. condominiums) -5% to +20%
Commercial -5% to +15%
Light Industrial -5% to +15%
The Kootenay Columbia region’s total assessment increased from 38 billion in 2017 to 40 billion this year. New construction, subdivisions and rezoning properties has been a huge catalyst in the 460-million dollar jump.
The average house in Revelstoke was valued at $360,000 as of 2016 and a massive increase to $436,000 as of July 1st, 2018. An overall increase of $76,000 per household (on average) that many long-time locals don’t feel is a true assessment of some of the properties in this community.
One Revelstoke homeowner received an assessment in 2016 with an increase of 659% for a mobile home in the Riverbend Court. Long-time Revelstokian, Llewellyn Duke (Better known as ‘Zook’) shared his assessment with the Revelstoke Current.
His 1978 trailer has been upgraded over time, basically all that is original as of now is the framework, everything else has been slowly upgraded. However, in 2016/17, Zook had a bit of a chuckle at the fact his trailer came in at a whopping 659% increase putting the trailer at a value of $239,000 which was a $213,800 increase from the previous years $25,200 assessment.
“I saw the lady standing out front of my place, she informed me she was assessing it. I thought ‘good, it will help me sell it in the spring’. Wasn’t expecting that!” Zook told the Revelstoke Current.
Zook did have an independent review which brought the value down to $139,000, Which is still a $113,800 increase in evaluation.
As of January 1st, 2018, Zook’s property assessment came back at $199,000 an increase of $67,000 of value for his 1978 trailer.
98% of British Columbians accept their BC Assessment at face value without proceeding to a formal, independent review of their assessment, however, for those that don’t agree with their new property value a complaint can be filed accordingly.
“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 31st, for an independent review by a Property Assessment Review Panel,” stated Deputy Assessor Ramaish Shah in a recent press release.
During the month of January, BC Assessment 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)