BC Assessment is reporting a significant increase in assessed property values across the province, and the Kamloops area is no exception.
The assessed value of the average single family home in the Tournament Capital is up 27 per cent to $619,000 from $488,000 in 2021 while condos and townhouses saw a 21 per cent jump in value to $346,000 from $285,000.
“I think it was surprising to the entire province because you are seeing increases in that 20 per cent plus range all the way up to 40 or 50 per cent increases in some communities,” BC Assessment, Deputy Assessor for the Thompson-Okanagan, Tracy Shymko, told NL News.
“I think for all of us it was a surprise that the real estate industry maintained so strong through 2021.”
In Merritt, the typical assessed value for a single family home is up 29 per cent on average to $418,000, from $323,000. Up in Sun Peaks, a single family home is now valued at about $1.2 million, up 25 per cent from $921,000 last year.
Similarly, in Chase, Cache Creek, and Clearwater single-family house values are up 36 per cent while in Ashcroft and Logan Lake values are up 34 per cent. In Barriere, home values are up about 32 per cent.
“[The values] actually [are] just indicative of the market,” Shymko added. “What we do is we track sales and then we move the assessments based on market movement and the year over year market movement has been quite robust and that is where the values are coming from.”
Last October, BC Assessment asked property owners impacted by the 2021 wildfire season in places like Lytton (where assessed values are down 23 per cent this year) to reach out as their assessment could be adjusted based on damage to their properties. Shymko says it also holds true for people in places like Merritt and Princeton, who are dealing with damage caused by flooding in November and December.
“If your property was impacted by the 2021 floods, mudslides or wildfires, please take a few moments to contact us once you receive your assessment notice,” she added. “With your help, we can work together to make sure your property is valued correctly.”
The 2022 assessments are based on last summer’s real estate market, noting it doesn’t necessarily mean that your property taxes will be going up significantly.
“The city’s tax rate is adjusted for the average increase so if your property went up by the average then you typically will see very little change in your taxes year to year,” Shymko said. “If you property went up more than what was average for the class then you will see an increase in your taxes. And if you were below the average, then sometimes you even see a reduction in your taxes.”
Assessment notices were put in the mail on Dec. 31, 2021, and Shymko says most properties should get theirs by the end of this week.
If you have a concern about your 2022 assessment either by phone toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. Appeals can be filed online until Jan. 31.
