Kamloops home values in 2018 property assessment numbers are up again

Top valued home in the Thompson Okanagan located at 4358 Hobson Rd. in Kelowna assessed at $10,029,000

Individual property assessments have been mailed out, and homeowners can expect to receive them within the month.

"In our western markets, the City of Richmond, the City of Delta, and the South Surrey area specifically, we did see single family homes stay either relatively, no change or a slight decrease this year, as people are either moving east or they're looking for alternative housing in that market", he said. The total value of all Greater Vancouver properties is up 9.9% year-over-year, with a total assessed value of $907.1 billion, compared with $825.2 billion last year.

According to BC Assessment, within Greater Vancouver new single-family assessments ranged from a five per cent drop to a 15 per cent increase.

The latest assessments are based on market values last summer, officials said. 2018 property taxes will be based on these assessment values.

Those homeowners whose homes have increased in value are not necessarily facing a hike in property taxes.

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The single most expensive home in the province is on Point Grey Road in Vancouver.

Unlike last year, when assessment increases of 30 to 50 per cent were typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities and New Westminster, and typical condominium increases throughout these areas were in the 15 to 30 per cent range, this year's adjustments are generally much more modest.

"The western communities increased, Sidney increased, and those jurisdictions past year didn't experience the same kind of volume", said Deputy Assessor Gerry Marolla.

Ireland said the market has remained strong across the Island and offered few surprises.

Condos and townhouses saw the largest spike in value, with 2018 numbers up between five and 35 per cent - or more-in urban areas.

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Property tax rates for individual homes depend on how much their assessed value has changed compared to the average change in the municipality.

Local residents can expect their assessment notices within the coming week. The resulting assessment reflects the market value as of July 1.

This year's notices are especially important and deserve close inspection given the record increases in property assessment values over the past year in most areas of British Columbia.

Politicians, including Henry Braun, expressed frustration with the disparity in assessments, noting the city was collecting just two per cent more tax revenue from residential properties.

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may still submit a notice of complaint (appeal) by January 31, for an independent review by a property assessment review panel".

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BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

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