Cranbrook, BC (January 5, 2023) -- B.C. Assessment recently distributed its 2023 assessment notices to communities throughout the province, including the City of Cranbrook.
Reflecting a property’s market value as of July 1, 2022, the reassessment of single-family residential properties led to a 13% average increase in the City of Cranbrook. However, this change does not mean that property owners will see a 13% increase on their tax bill. The change in amount of taxes paid will be set by City Council, your assessment will determine if you pay the amount Council sets, or more, or less, depending on how your assessment compares to other assessments in the community.
*The diagram above assumes that there are no changes in the property tax levy or the distribution of budget funding between property classes. Provided by BC Assessment.
The typical assessed value of a single-family home in Cranbrook increased from $396,000 in 2022 to $446,000 in 2023. For strata homes (condominiums and townhouses), the typical assessed value increased from $221,000 in 2022 to $247,000 in 2023 – an increase of 12%.
BC Assessment's website at www.bcassessment.ca includes more details about 2023 assessments, property information and trends.
Those who feel that their property assessment does not reflect market value as of July 1, 2022 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January. If you are still concerned after speaking with an appraiser, you may submit a Notice of Complaint (Appeal) by January 31, 2023 for an independent review by a Property Assessment Review Panel.
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at www.bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.