A home being rebuilt after the July 2021 Lytton Creek wildfire.

Image Credit: SUBMITTED/ Tricia Thorpe

The average property value in the majority of B.C. communities rose over the past year substantially, but Lytton stands out from the pack.

At a 23% reduction, the median value of a single family home in the scorched village dropped more than any other community in B.C.

The wildfire in July that swept through much of Lytton affected most of the village, and the recent B.C. Assessment values reflects those changes.

"The majority of properties in Lytton were destroyed so their values dropped substantially," Tracy Shymko, assessor with the Thompson Okanagan B.C. Assessment office, said. "We toyed with the idea of not including Lytton at all because the changes were so substantially different."

The only other communities where assessments actually decreased were in the north where the median single family home value in Lisims dropped by 5% and Kitimat by just 0.3%.

While the 23% reduction included single family homes in Lytton, business properties dropped by 27%, according to the B.C. Assessment report.

READ MORE: You can now find out the updated value of your home

B.C. Assessment's new property values were released in full today, reflecting how the market affected changes in those values from July 1, 2020 to July 1, 2021.

In Kelowna, the median assessed value for a single family home rose by 34% over the year, bringing the $650,000 median in 2020 up to $869,000.

With some exceptions, changes were even more substantial in the smaller Thompson Okanagan communities. The largest increase was in Keremeos where the median single family home rose from $304,000 to $449,000, representing a 48% increase in one year.

Assessed values in Logan Lake, Spallumcheen and Sicamous all rose by more than 40%, according to a B.C. Assessment news release.

In Lytton, there were properties outside of the fire affected areas where the values remained stable - some even increased in value.

But the relative stability of those values does reflect the impacts of the fire.

"There is impact for sure because the majority of properties that weren't directly impacted by fire remained stable, so they didn't see those increases we see across the province," Shymko said.

The median property value in Lytton for single family homes, excluding fire affected properties, rose by 5% from $149,000 to $156,000.

READ MORE: Cougar in a pink collar? Top 10 bizarre calls to B.C. Conservation Officer Service

Many properties affected by the sweeping wildfire had their built improvements reduced to a $0 value, or $1 if it was unclear that they could be salvaged, Shymko said.

After the fire, B.C. Assessment asked property owners in Lytton to reach out to discuss how they were affected so homeowners weren't charged a property tax amount reflective of a home still standing.

Shymko said with assistance from the local government and the Thompson Nicola Regional District, there was a high uptake, and most property owners followed up with B.C. Assessment.

READ MORE: Modern interpretation of family sees B.C. strata lose legal case

She added that property owners affected by recent flooding can also reach out to B.C. Assessment to make changes. Property owners in Merritt, Spences Bridge and Princeton, for example, can call B.C. Assessment to make changes if the properties were not repaired by Dec. 31, 2021.

"We have set up a team to deal with those calls to ensure we handle them well and they get to the right person," Shymko said.

Property owners who wish to appeal the assessed value they were given can call B.C. Assessment at 1-866-825-8322. Those who were affected by floods or fires can also email B.C. Assessment at weather@bcassessment.ca.

READ MORE: Couple racing to rebuild home destroyed by Lytton Creek wildfire as winter approaches

To contact a reporter for this story, email Levi Landry or call 250-819-3723 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

News from © iNFOnews, 2022