(Image Credit: CFJC Today)

By Dylana Kneeshaw

2020 PROPERTY ASSESSMENTS

Increases expected in 2020 assessments for most Thompson region property owners

Jan 2, 2020 | 4:43 PM

KAMLOOPS — More than 280,000 property owners in the Thompson Okanagan will be getting their 2020 property assessment notices this week.

The majority of homeowners in the Thompson region will see an increase in value compared to the last assessment.

As of July 1 2019, typical values for single-family homes in Kamloops grew by seven per cent ($431,000 to $461,000), while the typical assessed value for strata properties saw an eight per cent increase ($248,000 to $269,000).

Thompson area Deputy Assessor Tracy Shymko says the increases were expected, and most were only slight changes.

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“It’s nice because Kamloops has had a lot of multi-family (units) being built in and around the city, and we’re seeing seven or eight per cent increases in the City of Kamloops. Which is really nice, especially with the growth in that marketplace.”

(Image Credit: CFJC Today)

Smaller communities with lower typical values saw the largest percentage increases. Clinton’s single-family values grew by 25 per cent, from $120,000 to $150,000, followed by a 20 per cent increase in Lillooet, and a 17 per cent increase for typical values in Ashcroft, and Lytton.

Shymko notes that larger percentage increases are generally because typical home values in those smaller areas start out lower, so any change would hold a larger percentage value to the overall price point.

Aside from changes to the housing market, Shymko says there are a number of reasons a home value would have increased or decreased.

“If you’ve improved your property in any way — so you’ve built a garage or added an addition, that would make your property assessment change,” she explains, “Or if you’ve removed a garage, that would also make your property assessment change. Anything that you’ve done physically to the property would change your assessment, outside of just general market movement.”

If a property owner feels their assessed value is inaccurate, and it cannot be resolved after a discussion with BC Assessment staff, an appeal for an independent review needs to be filed before January 31.

To check your property’s assessment, or find any information about assessment values, or the appeal process, access the BC Assessment website here: www.bcassessment.ca.