Owners of more than 280,800 properties throughout the Thompson Okanagan can expect to receive their 2020 assessment notices in the mail this week, which reflect market value as of July 1, 2019.
“Throughout the Thompson, the majority of home owners can expect an increase in value compared to last year,” says Thompson area Deputy Assessor Tracy Shymko. “Comparing July 2018 and July 2019, home values have risen consistently for most of Kamloops and the Thompson with a few communities seeing increases slightly higher than others, especially in Clinton, Lillooet, Ashcroft and Lytton.”
“For the Okanagan region, the majority of home owners can expect to see stable values with slight changes from last year,” added Okanagan area Deputy Assessor Tracy Wall. “Commercial and industrial properties have shown increases, especially in the North Okanagan.”
BC Assessment collects, monitors and analyzes property data throughout the year. The attached table indicates the Thompson Okanagan’s estimated range of percentage changes to 2020 assessment values by property type compared to 2019. Please note property assessments may vary by jurisdiction or municipality within the region.
Overall, the Thompson Okanagan’s total assessments increased from about $147.7 billion in 2019 to $153.1 billion this year. A total of about $2.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Thompson Okanagan region includes the urban centres of Kelowna and Kamloops as well as all surrounding Okanagan and Thompson communities as listed on the attached summary.
The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region. The examples demonstrate market trends for single-family residential properties by geographic area.
BC Assessment’s website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019’s top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map. New for 2020, the website is fully mobile-friendly.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Tracy Wall.
“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 31st, for an independent review by a Property Assessment Review Panel,” adds Wall.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains 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 can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.