New Kamloops Assessments are Out

New BC Assessment valuations for Kamloops will be out in the mail this week.  It looks like the average increase for Kamloops homes is 5.4%.  Below is a summary of increases for various parts of the city or you can read the full press release at https://bcassessment.ca/Property-information-and-trends/_layouts/15/WopiFrame.aspx?sourcedoc=/Property-information-and-trends/AnnualReleasesandReports/Thompson%202017%20Assessments%20News%20Release.pdf&action=default

 

THOMPSON OKANAGAN 2017 PROPERTY ASSESSMENT NOTICES IN THE MAIL

KAMLOOPS —In the next few days, owners of more than 71,500 properties throughout the Thompson area can expect to receive their 2017 assessment notices which reflect market value as of July 1, 2016.

“The majority of residential home owners within the area can expect a modest change in value, compared to last year’s assessment,” says Acting Regional Assessor Graham Held.

As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Thompson area ‘s estimated typical percentage changes to 2017 assessment values by property type compared to July, 2016 (note that property assessments may vary by individual jurisdiction/municipality within the region).

Property Type

City of Kamloops

2017 Assessment

Typical % Changes in Value

(as of July 1, 2016)

Thompson Communities excluding the City of

Kamloops

2017 Assessment

Typical % Changes in Value (as of July 1, 2016)

Residential Single Detached Homes

0% to +10% -5% to +15%

Residential Strata Units (e.g. condominiums)

0% to +10% 0% to +10%

Commercial 0% to +10% -5% to +10%

Light Industrial 0% to +15% -5% to +10%

Overall, Thompson area’s total assessments increased from $24.14 billion in 2016 to $25.27 billion this year. A total of almost $284 million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. 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 these communities.

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The summary below provides estimates of typical 2016 versus 2017 assessed values of residential homes throughout the region. These examples demonstrate market trends for single family residential properties by geographic area:

Jurisdiction

2016 Assessment Roll (valuation date of July 1, 2015)

2017 Assessment Roll (valuation date of July 1, 2016)

Typical

% change in Value

City of Kamloops $ 387,000 $ 408,000 0% to +10%

District of Barriere $ 217,000 $ 234,000 0% to +15%

District of Clearwater $ 212,000 $ 219,000 -10% to +10%

City of Merritt $ 241,000 $ 261,000 -5% to +15%

Village of Ashcroft $ 215,000 $ 227,000 0% to +10%

Village of Cache Creek $ 182,000 $ 175,000 -15% to +15%

Village of Chase $ 270,000 $ 266,000 -5% to +10%

Village of Clinton $ 106,000 $ 108,000 0% to +10%

District of Logan Lake $ 211,000 $ 222,000 0% to +10%

District of Lillooet $ 171,000 $ 181,000 -5% to +15%

Village of Lytton $ 140,000 $ 142,000 -5% to +5%

Sun Peaks $ 726,000 $ 832,000 0% to +30%

The examples below demonstrate neighbourhood trends for single family residential properties in the City of Kamloops; trends are affected by many variables.

Neighborhood 2016 Assessment Roll

(valuation date of July 1, 2015)

2017 Assessment Roll (valuation date of July 1, 2016)

Sahali $ 441,000 $ 475,000 South Sahali $ 422,000 $ 454,000

North Shore $ 292,000 $ 304,000

Westmount & Bachelor Heights

$ 401,000 $ 416,000

Valleyview $ 406,000 $ 422,000

Juniper Heights $ 452,000 $ 481,000

Aberdeen, Dufferin $ 426,000 $ 455,000

Westsyde $ 370,000 $ 384,000

Barnhartvale $ 372,000 $ 389,000

Rayleigh & Heffley Creek $ 380,000 $ 394,000

BC Assessment’s website at bcassessment.ca includes more details about 2017 assessments, property information and trends such as lists of 2017’s top valued residential properties across the province. The website also provides self-service access to the free online

e

-value

BC

service that allows anyone to search, check and compare 2017 property assessments anywhere in the province.

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment

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does not reflect market value as of July 1, 2016 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Held.

“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 January 31st, for an independent review by a Property Assessment Review Panel,” adds Held.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.

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Doren Quinton

Doren Quinton

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CENTURY 21 Desert Hills Realty (2010) Ltd.
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