File photo Residential property values in the Shuswap have increased on average by more than 10 per cent.

Shuswap properties increase in value

BC Assessment releases property value estimates for 2018

  • Jan. 3, 2018 1:50 p.m.

Many Shuswap homeowners will find their property value has increased by more than 10 per cent over last year.

BC Assessment has completed its assessment roll for 2018 (now available online) , in which the independent Crown corporation provides an estimate of the value of your home and others in your neighbourhood.

On average, homes in Salmon Arm increased in value by 11 per cent, meaning a home worth $371,000 at the end of 2016 is now worth $415,000.

Sicamous property values jumped by 13 per cent, pushing a home assessed at $313,000 in 2017 up to $355,000.

All property owners in the province will be receiving an official letter in the mail next month.

BC Assessment’s online data base is usually updated on Jan. 2, but this year the information was available a few days early.

Early warning letters have already been distributed to those properties that will see a higher than average assessment value, and BC Assessment says the Fraser Valley, Vancouver Island, Victoria and the Thompson Okanagan can all expect increases of 10 to 20 per cent for a detached single family home.

Overall, the Thompson Okanagan region’s total assessments rose from $98 billion in 2017 to $119 billion this year, with $2.5 billion of that credited to new construction, subdvision and rezoning of properties.

Any homeowners in Northern B.C. and the Cariboo region impacted by summer wildfires that haven’t already contacted BC Assessment are encouraged to do so.

“Over the past few months, we have been identifying and reviewing the property damage that occurred from the wildfires this past summer,” says Jarret Krantz, deputy assessor for Northern BC.

“We have been focused on ensuring the current property conditions are used to determine 2018 property assessments.”

RELATED: 67,000 homeowners get early-warning assessment notice

The company also says it has identified all impacted properties in the Thompson Okanagan region and made the necessary adjustments to those assessments.

“We also want to remind property owners that all 2018 assessment notices will be delivered in early January. We recognize the difficult situation that property owners have been in, and we want to work with you to ensure your property assessment is accurate because property assessments are used to determine your property taxes,” says Tracy Wall, deputy assessor for the Thompson Okanagan region.

“If anyone impacted by the wildfires, upon receiving the notices, feels that your assessment has not been adjusted appropriately, then you are urged to contact us to discuss the matter before January 31.”

Nearly 70,000 property owners received an early-warning letter in December. That is down from 82,000 letters sent out last year.

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

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