Both Cranbrook and Kimberley are under the average property tax gap of 2.60 between residential and business for B.C communities: Cranbrook’s property tax gap is 2.57 and Kimberley’s is 2.54.
- From 2010 to 2015, Kimberley lowered its Municipal Property Tax Gap by 6.6% (Total Average Property Tax for Kimberley is $7,178). From 2010 to 2015, Cranbrook lowered its Municipal Property Tax Gap by 15.5% (Total Average Property Tax for Cranbrook is $6,743.)
Commercial property values range -5% to 25% in Kootenay-Columbia region
Property taxes determined by municipality are based on the assessment value provided by BC Assessment. So when assessed values go up, it typically means an increase in property taxes.
Based on the 2019 BC Property Assessment, the province’s hot real estate market shows signs of cooling, particularly when it comes to Metro Vancouver’s priciest neighbourhoods. Commercial property values, however, have increased across most of the province.
Urban commercial properties in Greater Vancouver are seeing increases of up to 45 per cent.
In the Fraser Valley, including Richmond and Surrey, commercial properties went up zero to 35%.
Both the Thompson-Okanagan and Vancouver Island saw increases of zero to 25%.
Here in the Kootenay-Columbia region, the values differed by -5% to 25%.
Northern BC also saw a differentiation of -15% to 20% in urban areas and generally higher in rural areas.
East Kootenay focus
BC Assessment further breaks down the data for cities and areas of BC on its website. Cranbrook and Kimberley are lumped into the East Kootenay where real estate values of major industry in the region has gone down by 2.29%. Light industry is up by 13.97% and business by 7.63%.
Values are assessed as of July 1, 2018.