B.C. property assessments are already online, and many North Thompson residents may be surprised when they take a look.
Property values in North Thompson region, as well as the rest of the province, have risen sharply — about 29 per cent — based on market values as of July 1, 2021.
An average single home in Clearwater valued at $255,000 in 2020 was assessed at $347,000 in July 2021, a 36 per cent jump, according to BC Assessment.
In Barriere, a similar home assessment increased by 32 per cent to $355,000, while a single-family home in Kamloops increased by 27 per cent to $619,000.
BC Assessment notes on its website that it provides current actual value assessments for tax purposes on all properties in British Columbia and gives an analysis of market movement by property, market trends, and top 500 valued residential properties.
In Thompson-Okanagan, more than 286,000 property owners will receive their 2022 assessment notices in the mail in the coming days. Property assessments can also be found online.
“The Thompson area real estate market has remained very active and that means most property owners can expect a notable increase for 2022,” said Thompson area Deputy Assessor Tracy Shymko. “Unfortunately, parts of our region have also been severely impacted by fires, floods and mudslides and we are here to help such property owners with possible amendments to their 2022 assessments and invite any impacted property owners to connect with us if they haven’t already done so.”
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, the Thompson-Okanagan’s total assessments increased from over $159 billion in 2021 to over $204 billion this year. A total of about $3.3 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
The Thompson-Okanagan region includes urban centres such as Kelowna and Kamloops, reaching east to Sicamous and Lumby, north to Blue River, west to Lillooet and Princeton and to the south at Osoyoos.
Kelowna has gone up about 34 per cent, Lillooet 30 per cent and Ashcroft 34 per cent. The small mountain community of Sun Peaks has seen a 25 per cent increase to $1,146,000 while condos and townhouses in Kamloops have gone up 19 per cent.
Total value of real estate on the 2022 Assessment Roll is about $2.44 trillion, an increase of nearly 22 percent from 2021.
The top 500 valued properties in B.C. range in assessed value from $11,844,000 in West Vancouver to $73, 147,000 in Kitsilano.