Image Credit: SUBMITTED/B.C. Assessment
January 04, 2021 - 12:51 PM
The cost of the average Kamloops home went up in price a bit this year, but those who lived in smaller surrounding communities will see a greater surge in home value when this year’s assessment sheet gets delivered, according to information released today by B.C. Assessment.
An average single-family residential home in Kamloops is valued at $488,000, which is up six per cent from $461,000 a year earlier.
That growth trend is the same in strata condos and townhouses in Kamloops are also up to six per cent and the average property is valued at $285,000, compared to $269,000 a year earlier.
Meanwhile, those who call Sun Peaks home will see a greater value coming from their housing investments.
Single-family residential properties there went up 11 per cent from $829,000 to $920,000 while condos and townhouses took a 10 per cent jump from $482,000 to $531,000.
Compared to other areas, it’s still more cost-effective to own a single-family detached home in Logan Lake but assessments on an average home 15 per cent, from $245,000 to $282,000.
“Throughout the Thompson area, the majority of homeowners will receive a moderate zero to ten per cent increase in value compared to 2020," Thompson area Deputy Assessor Tracy Shymko said in a press release issued today, Jan. 4.
“Housing demand has remained strong in our region with some communities such as Barriere, Cache Creek, Logan Lake, Sun Peaks and Merritt experiencing somewhat higher increases in the range of zero up to twenty per cent for residential values.”
Assessments are the estimate of a property’s market value as of July 1, 2020, and physical condition as of Oct. 31, 2020. This common valuation date ensures there is an equitable property assessment base for property taxation.
Changes in assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring will calculate property tax rates based on the assessment roll for their jurisdiction.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2020, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Tracy Wall.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by February 1st, for an independent review by a Property Assessment Review Panel,” adds Wall.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes. How an assessment changes relative to the average change in your community is what may affect property taxes.
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