Property values decrease for 2015

Property assessments continue to slip for another year for the South Cariboo and Gold Trail region.

  • Jan. 7, 2015 10:00 a.m.

Owners of more than 5,900 properties throughout the South Cariboo and Gold Trail Region can expect to receive their 2015 assessment notices in the next few days.

Most homes in the South Cariboo and Gold Trail Region are remaining stable or are decreasing slightly in value compared to last year’s Assessment Roll, and home owners in the region will see changes in the -5 per cent to +5 per cent range.

The Ashcroft Assessment Roll decreased from $175 million to $173 million. Residential assessments decreased by -1.08 per cent on average while Business assessments dropped by -3.34 per cent on average.

The Cache Creek Assessment Roll decreased from $98 million to $97 million. Residential assessments decreased by -1.83 per cent on average while Business assessments rose by 1.07 per cent on average.

The Clinton Assessment Roll decreased slightly from $66 million to $65 million. Residential assessments decreased by -2.56 per cent on average while Business assessments dropped by -1.10 per cent on average.

The Lytton Assessment Roll remained stable at $37 million. Although Residential assessments decreased by -2.0 per cent on average, Business assessments rose by 3.04 per cent on average.

Logan Lake’s Assessment Roll, which includes more than 1,300 properties, increased from $375 million last year to almost $390 million this year. Residential assessments increased by 0.71 per cent on average while Business assessments climbed by 5.17 per cent on average. Of note, a total of just over $22.6 million was added through subdivisions, rezoning and new construction.

Lillooet’s Assessment Roll, including over 1,400 properties, decreased slightly from $296 million last year to $291 million this year. Residential assessments decreased by -1.63 per cent on average while Business assessments dropped by -0.55 per cent on average.

Property owners who feel that their property assessment does not reflect market value as of July 1, 2014, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.

“If a property owner is still concerned about their assessment after speaking to one of the appraisers, they may submit a Notice of Complaint (Appeal) by Feb. 2, for an independent review by a Property Assessment Review Panel.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, and typically meet between Feb. 1 and March 15 to hear formal complaints.

The Kamloops assessment office is located at 805 Renfrew Ave. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “CONNECT” at www.bcassessment.ca .