(image credit - CFJC Today)

By Michael Reeve

2024 Property Assessments

Kamloops property assessments decrease 2 per cent on average

Jan 2, 2024 | 5:30 PM

KAMLOOPS — 2024 property assessment are in the mail, reflecting market value changes of residential homes as of July 1, 2023.

“Market movement is basically what people are willing to pay for a house and this year we all know there were many factors that went into why the market stabilized. So, the interest rate increases was one of the big factors where things slowed down a little bit, and that’s what we were seeing,” stated Kamloops and Thompson area assessor Tracy Shymko.

For Kamloops, most homes sit between a 5 per cent increase and 5 per cent drop in assessed value this year, with the average being a two per cent decrease.

“We are looking at Juniper and Valleyview at that minus 3 per cent, we have got Rayleigh and Westsyde and Brocklehurst at the minus 2 to minus 3 per cent, so really stable throughout the whole community. Land values for vacant land parcels they look like they are at the 0 to 5 per cent, so land was actually going up just slightly, but not a lot,” added Shymko.

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Since the July 1 cutoff, many communities in the region have been devastated by wildfire. Shymko noted those residents should contact BC Assessment as soon as possible.

“October 31, is our physical condition and permitted use,” said Shymko. “So, we have worked very closely with the regional districts to capture as much fire damage as we can, but if somebody does have fire damage to their property and sees that their assessment hasn’t been reflective of that, please give us a call.”

Homeowners who wish to appeal their assessment have until the end of January to fill out a formal application.

“If you are unsatisfied with your assessed value, then you can appeal your property assessment. There is an online form so it’s a very simple process. You go online, put the reason for the appeal, state your address and the role number and then the appeal hearings are from February 1 to March 15,” said Shymko.

Kamloops city council has been working off a provisional tax increase of around 10 per cent. While a decrease may look nice on the surface, the city will still need to make up the difference to fund needed projects.