Property in the Town of Golden has increased 11 per cent according to the 2021 BC housing assessment.
The assessment shows that the average single family home is valued at 393,000, up from 353,000 in the 2020 assessment.
Assessments are the estimate of a property’s market value as of July 1, 2020 and physical condition as of October 31, 2020. This common valuation date ensures there is an equitable property assessment base for property taxation.
It’s almost double the jump from last year, when property values in Golden went up 6 per cent.
The jump puts Golden just outside of the stable zone, as described by Ramaish Shah, a deputy assessor at B.C. Assessment in an interview in January 2020.
“I would consider anything from 0-10 per cent a stable market, where prices aren’t changing dramatically but at the same time homes are selling for more than they were the previous year,” said Shah of the 2020 assesment.
In town, according to the B.C. assessment interactive map, single home properties went up in value approximately 9 per cent. Rural Golden, which reflects Nicholsan and Area A, went up an estimated 6 per cent.
More details on different neighbourhoods can be found on the B.C. assessment website.
While the assessment is used by the Town of Golden to detemrine property taxes for the next year, an 11 per cent raise does not necessarily correlate to an 11 per cent raise in taxes.
The assessment is based on the current market value of homes, which continue to grow across B.C.
The raise in Golden’s property value is on par with the province of B.C., where the change in value ranged from zero to 10 per cent.
“The majority of Kootenay Columbia homeowners can expect a moderate increase in their 2021 assessments compared to last year,” says Deputy Assessor Sharlynn Hill.
“Some of the smaller communities have experienced higher demand than previous years and that is reflected in this year’s assessments.”
Those who are not pleased with their property assessment are welcome to file an appeal with the property assessment review panel.
The BCA website helps track property values over a number of years, and has features and tools that allow its users to compare their property value with similar homes. Go to www.bcassessment.ca for more information.