Kamloops Property Values Show Stability: Assessment Changes Stay Mainly Within Five-per-cent Range
By Michele Young/Daily News Staff Reporter
Property assessments are in the mail to almost 35,000 Kamloops building owners, but overall they shouldn’t see huge changes to their taxes.
B.C. Assessment doesn’t project any major changes — up or down — for 2014.
Deputy assessor Graham Held said Thursday the range this year is about five per cent above or below that of last year’s assessment.
“That’s about as stable as I have seen it,” said the 20-year real estate assessor.
Adding to the accuracy of this year’s assessments is the fact there were more sales than there have been in some years, Held said.
Sales volumes for Kamloops were up by more than seven per cent from last year, which gives a broader basis for the calculations.
“So we had more sales to use to set the roll, which is good for us,” he said. “It also speaks to the strength of the local economy and market.”
The increase in assessments due to growth was $161 million — down from $171 million last year, but still a solid figure, said Held.
For the City, that $161 million in new growth translates into $900,000 in new tax revenue.
Assistant finance director Doug Stewart said the numbers are almost exactly what the City projected in its preliminary 2014 budget figures.
“That’s right where we had anticipated when we put the budget together,” he said. “We were hoping we were estimating low.”
At this stage, the City budget is sitting at a possible two-per-cent tax increase for 2014. But council still hasn’t gone through supplementary items and hasn’t held its final public consultation yet.
Those who don’t get their assessments by the end of next week should call the B.C. Assessment office or contact the office online. The deadline to appeal any assessments is Jan. 31.
Usually fewer than two per cent of assessments are appealed.
Homeowners can also get an idea of what other properties on their street are worth by going to B.C. Assessment’s website (bcassessment.ca) and clicking on the e-valueBC comparison. The link even includes photos of homes.
