A LOT OF NEW MILLIONAIRES are walking around Kamloops these days. They don’t look different than anyone else. Their clothes aren’t any fancier; they likely don’t wear gold necklaces and designer shoes.
When they open them, they might find that the assessed value of their homes has suddenly shot over the $1 million mark, thanks to B.C. Assessment Authority, which has boosted property values for single-family homes by 27 per cent on average in the city. In some places, it’s as much as 50 per cent.
What was a nice, average-priced home a year ago is suddenly worth a million bucks. That’s just the market, according to B.C. Assessment. In fact, those assessments tend to lag behind the market by a few percentage points, so homes usually sell above assessed value.
Mel Rothenburger is a former mayor of Kamloops and a retired newspaper editor. He is a regular contributor to CFJC, publishes the ArmchairMayor.ca opinion website, and is a director on the Thompson-Nicola Regional District board. He can be reached at firstname.lastname@example.org.