2/4 Smallish bet in a smallish pot...am I being valuebet or bluffed?

[gir]

Villain is 21/11/1.7 ~200 hands and despite his stats, seems somewhat competent.

Party Poker - No Limit Hold'em Cash Game - $2/$4 Blinds - 4 Players - (LegoPoker Hand History Converter)

Hero (SB): $417.60
BB: $531.15
UTG: $433.00
BTN: $938.90

Preflop: Hero is dealt K[img]/images/graemlins/club.gif[/img] 8[img]/images/graemlins/club.gif[/img] (4 Players)
2 folds, <font color="red">Hero raises to $12.00</font>, BB calls $8.00

Flop: ($24) K[img]/images/graemlins/diamond.gif[/img] 7[img]/images/graemlins/club.gif[/img] T[img]/images/graemlins/club.gif[/img] (2 Players)
<font color="red">Hero bets $16.00</font>, BB calls $16.00

Turn: ($56) 3[img]/images/graemlins/heart.gif[/img] (2 Players)
Hero checks, <font color="red">BB bets $35.00</font>, Hero calls $35.00

River: ($126) T[img]/images/graemlins/spade.gif[/img] (2 Players)
Hero checks, <font color="red">BB bets $65.00</font>, Hero is genuinely uncertain...