Property values for homes in Rossland have dropped, according to the latest figures from BC Assessment.
In the 2014 completed assessment role for Rossland (valuation date of July 1, 2013) dropped by an average of $5,000, meaning the average value of an average home in the city was $238,000, down from $243,000.
Even so, that figure is the highest out of the four neighbouring communities of Trail (down from $174,000 to $171,000), Warfield (the same at $170,000), Fruitvale (down from $186,000 to $185,000) and Montrose (up from $219,000 to $222,000).
Owners of more than 11,000 properties throughout Rossland, Trail and the surrounding villages and rural area can expect to receive their 2014 assessment notices in the next few days.
“Most homes in the municipalities of Rossland, Fruitvale, Montrose, Trail and Warfield, and in the surrounding rural area have changed only marginally from last year’s assessment roll,” said Dennis Hickson, BC Assessment’s deputy assessor in Nelson.
As a result of the valuation drop, the City of Rossland’s assessment roll decreased by $10 million, from $588 million last year to $578 million this year.
Down the hill, the City of Trail’s 2014 assessment roll stayed static relative to 2013 at $1.1 billion, as did the Village of Warfield’s assessment roll at $163 million.
Across the river in the Beaver Valley, the Village of Fruitvale’s assessment roll remained unchanged at $194 million this year, while the Village of Montrose’s assessment roll increased marginally from $105 million last year to $108 million this year.
The assessment roll comprising the rural area around Rossland and Trail increased more substantially from $786 million last year to $810 million this year due mainly to the value contribution of the construction of the Waneta Dam hydroelectric facility expansion.
In the region, almost $30.4 million of the assessment value is attributable to subdivisions, rezoning and new construction, said Hickson.
Valuations rose in Nelson and Castlegar, with a typical single family home in Nelson assessed at $351,000 in 2013 now being valued at $354,000, while a $257,000 in Castlegar in 2013 is now valued at $260,000.
Commercial and industrial properties in the area were expected to see changes ranging from a drop of five per cent to a rise of five per cent, said Hickson.
He said if people feel their assessment does not reflect market value (as of July 1, 2013), they should contact BC Assessment this month.
“If a property owner is still concerned about their assessment after speaking to one of our staff, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review by a property assessment review panel,” said Hickson.
The panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between Feb. 1 and March 15 to hear formal complaints.
The assessment office servicing Rossland is located at 502 Victoria Street in Nelson. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “connect” at www.bcassessment.ca.
Visit www.bcassessment.ca for more information about the 2014 Assessment Roll including lists of 2014’s top 100 most valuable residential properties across the province.