The City of Rossland assessment roll has decreased again this year. The property roll total value has taken a downward turn of $48 million from $624 million in 2010 to $576 million this year. This decreasing property roll trend was continuous over the past five years. In 2011 Rossland’s assessed property role was worth $601 million; in 2013 $588 million and in 2014 it dropped to $578 million.
Property owners should have received their BC Assessment notices in the mail by now. The estimated valuation for property was taken as at July 1, 2014 and then reassessed on Oct. 31, 2014 reflecting the property’s physical condition and permitted use as of this later date.
The average value of property in Rossland has increased by $2,000; from $238,000 per property in 2014 to $240,000 in 2015. The average property price in Rossland is higher than neighbouring regions’ average property prices. In the City of Trail the average property price is $172,000. The Village of Montrose has the highest average property price of the neighbouring regions at $222,000. The Village of Fruitvale has an average property price of $190,000 and the Village of Warfield sits at $171,000.
Dennis Hickson, BC Assessment’s deputy assessor explains that there are many trends affecting property values.
“Most home owners in those areas (of the Trail and Rossland regions) will see changes in the +5 per cent to -5 per cent range. Vacant land owners, however, may see some more substantial changes as a land valuation review was conducted in the last year,” Hickson said.
In addition, owners of commercial and industrial properties in the area will see changes ranging from +10 per cent to -10 per cent.
At present there are approximately 31 detached residential homes on the market for sale. This compares to around 60 residential homes at any given time, listed for sale in 2009; and at the height of the market boom before 2007 there could be less than 10 detached residential homes for sale. Rossland’s Century 21 currently has an average list price of $264,725 for real estate on the market.
Lois Hunter, the city’s acting chief financial officer explained at Monday’s regular council meeting, property tax is determined by first establishing council’s financial plan. Council adopt the financial plan and property tax rates are divided proportionally based on property assessments. In 2014, 77 per cent of council’s revenue was derived from residential property tax.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2014, or see incorrect information on their notice, should contact BC Assessment 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 February 2, for an independent review by a Property Assessment Review Panel,” he added.
The Property Assessment Review Panel, independent of BC Assessment, is appointed annually by the Ministry of Community, Sport and Cultural Development and typically meet between Feb. 1 and March 15 to hear formal complaints.
Property owners can contact BC Assessment on 1-866-825-8322 or online by clicking “CONNECT” at www.bcassessment.ca.
Visit www.bcassessment.ca for more information about the 2015 Assessment Roll including lists of 2015’s top 100 highest valued residential properties across the province.
BC Assessment has launched a newly enhanced version of its free e-valueBC service that allows the general public to search, check and compare properties online from across the province.