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Property values stable in city

Property assessment values are fairly stable in Kamloops for 2014 though construction and rezoning has helped increase the overall roll value for the city by more than $161 million.
January 04, 2014 - 8:28 AM

KAMLOOPS – Most home owners in Kamloops will see a slight increase in their property values for 2014 while Chase home owners will see values decrease slightly.

“Most home owners in Kamloops will see modest changes in the - 5% to + 5% range,” said Graham Held, Deputy Assessor. “Most home owners in Chase will see modest changes in the -1% to -10% range.”

Home owners in the Batchelor Heights, Westmount and Valleyview areas will see an average of a $9,000 increase, the highest in the city, while the biggest drop will being Juniper at the average home dropping in value by just under $5,000.

In 2014 the City of Kamloops assessment roll increases to $14.1 billion from $13.88 billion last year while the Village of Chase will see a decrease of $9 million to $329 million for 2014 even though $2.8 million was added to the roll total through new subdivisions, rezoning and new construction. In Kamloops just over $161 million of the growth includes subdivisions, rezoning and new construction.

The only Kamloops property to make the top 500 residential property value list was RiverBend Seniors Community at 755 Mayfair St. which is considered a residential strata. The highest valued single family residence in Kamloops is 3080 Kicking Horse Dr. in Juniper Heights at $1.611 million.

A total of 11 single family residences in Sun Peaks came in over $2 million in value this year with 4141 Douglas Court the highest at $3.545 million.

Assessments are the estimate of a property’s market value as of July 1, 2013 and physical condition as of October 31, 2013. This common valuation date ensures there is an equitable property assessment base for property taxation.

Held says property owners concerned over the property assessment value should contact B.C. Assessment as soon as possible this month and if they are still concerned after speaking to an appraiser can submit a Notice of Complaint by Jan. 31. Formal complaints will be heard between Feb. 1 and March 15.

The Kamloops assessment office is located at 805 Renfrew Ave in Kamloops. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “CONNECT” at www.bcassessment.ca.

Here's the breakdown of the 2013 assessment roll versus the 2014 completed assessment roll and the average change by neighbourhood.

Westmount and Batchelor Heights: $345,092; $354,340 (+$9,248)
Valleyview: $470,419; $479,584 (+$9,165)
North Shore: $284,265; $287,274 (+$3,009)
Barnhartvale: $366,884; $368,362 (+$1,478)
Westsyde: $338,096; $339,005 (+$909)
Rayleigh and Heffley Creek: $334,465; $335,275 (+$810)
South Sahali: $342,160; $341,701 (-$459)
Aberdeen and Dufferin: $369,847; $368,578 (-$1,269)
Sahali: $436,866; $433,570 (-$3,296)
Juniper Heights: $410,285; $405,336 (-$4,949)

To contact a reporter for this story, email jstahn@infotelnews.ca, call (250)819-3723 or tweet @JennStahn.

News from © InfoTel News Ltd, 2014
InfoTel News Ltd

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