BC Assessment Rep Presents to Castlegar Council
The average Single Family Home selling price in Castlegar is up to $560,000, from last year's $470,000.
Ramaish Shah from BC Assessment says residential properties make up roughly 88% of the total assessed provincial value worth 2.44 trillion dollars:
“It’s the largest class of properties in the province and that’s the same for Castlegar. It’s slightly less; it’s 72% relative to 88% but the biggest class of properties is residential….”
He says Castlegar also saw a roughly 14-million dollar non-market change this year:
“It’s (non-market change) additional revenue that the municipality can use to provide services that doesn’t come from taxation directly. Again the total value was up significantly from last year; over 19% to over one billion dollars….”
Shah says Castlegar's increase in Assessment Appeals reflects higher average selling points and higher demand:
“So in 2020 we had 20 PARP Appeals. Last year we had about 31 and this year we had about 64. They’re not large numbers but that significant increase relates in part to the value changes that we saw year over year last year. “
Castlegar saw 3775 properties assessed and assessments are up an average of 21%. Elsewhere average Single Family Homes are up by 22.6% in Kamloops and 23.8% for the Okanagan.
Castlegar City Council is back in action today, May 2nd:
Agenda items include the Neighborhood Small Grants Program, the 2022 Tax Rates Bylaw, Road Line Painting Services, the Development Incentives Program and a number of Development Permits.