Property assessments are on the rise in Cache Creek and Logan Lake.
The two towns saw a significant rise in property assessments, with the typical assessment value of a home in Cache Creek up 14 percent, to $207,000, as of July 1, 2020, compared to $181,000 a year earlier. In Logan Lake, average property assessments rose 15 percent from $245,000 in 2019 to $282,000, according to a BC Assessment news release issued Monday.
Real estate sales determine a property’s value which is reported annually by BC Assessment. As a result, assessments can vary from property to property. Assessments will be arriving in the mail later this week.
In comparison, neighbouring Ashcroft saw its average housing assessments jump five percent – from $261,000 to $273,000 while typical assessments in Clinton rose two percent, from $150,000 to $153,000. Lytton, meanwhile, saw its property assessments drop seven percent, from $160,000 to $149,000.
“Throughout the Thompson area, the majority of homeowners will receive a moderate zero to 10 percent increase in value compared to 2020,” said Thompson area Deputy Assessor Tracy Shymko. “Housing demand has remained strong in our region with some communities such as Barriere, Cache Creek, Logan Lake, Sun Peaks and Merritt experiencing somewhat higher increases in the range of zero up to 20 percent for residential values.”
When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
BC Assessment’s website at bcassessment.ca includes more details about 2021 assessments, property information and trends such as lists of 2021’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 2021 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.
If a property owner is concerned about their assessment after speaking to an appraiser, they may submit a Notice of Complaint (Appeal) by Feb. 1, for an independent review by a Property Assessment Review Panel. The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between Feb. 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,” Shymko added. “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.”