ASSESSMENTS – ‘Moderate increases’ for residential properties in the mail

Most residential home owners in the Thompson region can expect “a moderate increase” in the assessed value of their properties when they open their assessment notices over the next few days.

The 2018 notices are in the mail to more than 74,000 properties throughout the region, which includes a dozen municipalities plus rural areas.

Assessments attempt to reflect market value as of July 1, 2017.

The biggest overall increases for an average home come in Lillooet (20 per cent), Chase (15 per cent), Clearwater (11 per cent) and Kamloops (nine per cent). Lytton and Ashcroft are up one percent.

Averages aren’t broken down for each electoral area in the Thompson Nicola Regional District, but the overall range of percentage changes in value for single detached homes is shown as zero to 15 percent in urban areas, and minus five to plus 25 per cent in rural areas.

Ranges for residential strata units such as condos is minus five to plus 20 per cent in urban areas and plus five to 25 per cent in rural areas. (Property assessments may vary by individual jurisdiction or municipality within the region.)

Higher assessments don’t necessarily mean higher taxes. Municipalities and regional districts set their budgets, then establish a tax rate to apply to assessments in order to raise the taxes they need. If the assessment on a property is within the average, taxes wouldn’t be affected, but assessments that are higher than average in a community could result in a tax increase.

Deputy assessor Graham Held pointed out in a press release that some properties were impacted by spring floods and summer wild fires.

“The local BC Assessment staff have identified most of these properties to ensure they receive an accurate assessment,” he said.

“It is still possible that some properties may still need to be reviewed, so owners may want to contact our office for more information if they have not already been contacted.”

Overall, the Thompson region’s total assessments increased from $25.87 billion in 2017 to $28.05 billion this year. A total of almost $388 million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.

The Thompson forms a part of BC Assessment’s Thompson Okanagan Region.  The Thompson area of BC Assessment’s Thompson Okanagan region includes the City of Kamloops, District of Barriere, District of Clearwater, City of Merritt, Village of Ashcroft, Village of Cache Creek, Village of Chase, Village of Clinton, Village of Lytton, District of Logan Lake, Sun Peaks Mountain Resort Municipality, and the rural areas surrounding those communities.

BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province.

The website also provides self-service access to an online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.

Property owners have until Jan. 1 to ask for an independent review by a Property Assessment Review Panel, but it’s recommended they speak with a BC Assessment appraiser first.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between Feb. 1 and March 15 to hear formal complaints.

The Kamloops BC Assessment office is located at 805 Renfrew Avenue, Kamloops, B.C., V2B 3X3

During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca