Shuswap residents will likely see an increase in the value of their homes when the BC Assessments arrive early this year.
According to BC Assessment, a single-family residential property in Salmon Arm was worth $573,000 on July 1, 2021, and is now worth $668,000 as of July 1, 2022. This is a 17 per cent increase, and there are five geographical areas in the Thompson Okanagan assessment region that have a higher percentage jump. These include Barriere, Clearwater, Chase, Clinton and Sun Peaks.
Sicamous homes, however, come in at one of the lowest percentage hikes – nine per cent. A Sicamous home worth $449,000 in 2021 was assessed at $492,000 on July 1, 2022.
A Tappen home made the BC Assessment Top 100 Valued Residential Properties list at number 45, valued at $8.6 million ($8,594,000). It is categorized as an acreage and not a single-family residence.
“Homeowners throughout the Okanagan can generally expect to receive assessments that are up about 10 per cent to 15 per cent for houses while condos and townhomes are up a bit higher,” said Okanagan Deputy Assessor Tracy Wall. “Assessments are valued as of July 1, meaning everyone’s annual assessment is a reflection of what your home could have sold for around that time.”
The Thompson Okanagan area has 288,903 properties that were assessed, and the total value of real estate in the area is $234 billion.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Thompson area assessor Tracy Shymko. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
Property owners with questions or concerns about their assessment can contact BC Assessment toll-free at 1-866-825-8322 or online at bcassessment.ca. Hours of operation are 8:30 a.m. to 5 p.m., Monday to Friday in January.
Sources: Salmon Arm Observer