NT Valley property values drop

Owners of more than 4,000 properties in the North Thompson Valley are receiving their assessment notices in the mail.

  • Jan. 10, 2011 10:00 a.m.

Owners of more than 4,000 properties in the North Thompson Valley are receiving their assessment notices in the mail.

“Most homes in Clearwater, Barriere and Blue River are worth less on this year’s assessment roll than they were on the 2010 assessment roll,” said Graham Held, deputy assessor. “Most homeowners in Clearwater will see changes in the -10 per cent to -25 per cent range while Barriere residents will see modest adjustments in the -10 per cent to +five per cent range. The balance of properties in the North Thompson will also change in the -10 per cent to +five per cent range.”

Overall, Clearwater’s assessment roll decreased from $332.4 million last year to $326.9 million this year. Barriere’s assessment roll decreased from $205.1 million last year to $201.9 million this year. This total $8.7 million reduction for the two municipalities reflects changing market values for many properties but is somewhat offset by increases due to subdivisions, rezoning and new construction.

“Property owners who feel their property assessment does not reflect market value as of July 2010 or see incorrect information on their notice should contact the BC Assessment office indicated on their notice as soon as possible in January,” said Heid.

BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to www.bcassessment.ca and click on the e-valueBC link. Copies of neighborhood assessments are also available at local area offices and most municipal halls and government agent’s offices across the province.

“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 Jan. 31 for an independent review by a Property Assessment Review Panel,” said Heid. The panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sports and Cultural Development and meet between Feb. 1 and March 15 to hear formal complaints.

The Kamloops assessment office is located at 805 Renfrew Avenue in North Kamloops. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.

Assessments are an estimate of a property’s market value as of July 1, 2010. This common valuation date ensures there is an equitable property assessment base for property taxation.

Local governments and other taxing authorities are responsible for property taxation. After determining their own budget needs this spring, they will decide their property tax rates, based on the assessment roll for their jurisdictions