With this year’s housing assessments in the mail, homeowners in Golden can expect a significant increase once again, with an increase of 32 per cent according to the 2022 B.C. Housing Assessment.
It’s almost triple the jump from the year before, when property values in Golden went up 11 per cent, which was already double the jump from 2020, which saw an increase of six per cent.
The jump puts Golden well 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 assessment.
Assessments are the estimate of a property’s market value as of July 1, 2021 and physical condition as of Oct. 31, 2021. This common valuation date ensures there is an equitable property assessment base for property taxation.
In town, according to the B.C. assessment interactive map, single home properties went up in value approximately 31.1 per cent. Rural Golden, which reflects Nicholson and Area A, went up an estimated 21.2 per cent.
Properties all across Kootenay Columbia have seen a massive spike, with the highest being the village of Slocan with a 51 per cent increase, and the lowest being the District of Elkford at 14 per cent.
“Homeowners in the Kootenay Columbia region can expect noticeable increases in their 2022 assessments compared to last year,” says Kootenay Columbia Deputy Assessor Sharlynn Hill.
“The demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types. The year over year change in the typical values has been relatively consistent throughout the region and generally with double-digit percentage rises for most communities.”
While the assessment is used by the Town of Golden to determine property taxes for the next year, the increase does not necessarily correlate to a raise in taxes.
The assessment is based on the current market value of homes, which continue to grow across B.C.
BC Assessment’s website at bcassessment.ca includes more details about 2022 assessments, property information and trends such as lists of 2022’s top valued residential properties across the province.
Total value of real estate on the 2022 Roll is about $2.44 trillion, an increase of nearly 22 percent from 2021.
Those who are not pleased with their property assessment are welcome to file an appeal with the property assessment review panel.