While the official report from the BC Assessment Authority won’t be released until Jan. 4, it appears as though values of homes in Kamloops will have risen significantly compared to past years.
A year ago, in January 2021, BC Assessment reported that Kamloops home values rose, on average, by six per cent over the preceding year. This year’s report may show that increase to be substantially higher.
Updated assessment figures are now available online at bcassessment.ca and a random sampling by KTW of two-dozen addresses across Kamloops found assessed value increases mainly in the 22-to-33 per cent range.
For example, the home at 1490 Westerdale Dr. in Aberdeen — which has consistently been the highest-valued residential property in Kamloops in recent years — is valued at $2.77 million, a 27 per cent increase from last year. Those double-digit assessment value increases can be found at numerous addresses with varying values, from Juniper Ridge to Batchelor Heights, from North Kamloops to Westsyde and from downtown to Brocklehurst.
The Jan. 4 report from the BC Assessment Authority will include the average percentage increase in value (which impacts the city’s mill/tax rate and the property taxes paid) and the average assessed values of single-family and multi-family homes.
A year ago this month, the average assessed value of a single-family residential home in Kamloops was $488,000, compared to $461,000 a year earlier, equating to a six per cent increase. The average assessed value of a strata condo or townhouse a year ago was $285,000.
Assessments are based on market values as of July 1 the previous year. A number of factors contribute to property assessments, including supply and demand and home improvements.
Generally speaking, the amount of a homeowner’s tax hike will be based on where their property’s value sits relative to the average increase in assessment, plus whatever property tax hike is coming from the City of Kamloops. Based on preliminary budget discussions, the proposed tax hike in 2022 is just shy of five per cent.
In general, if assessments increase overall, the mill (tax) rate will decrease. For example if a property assessment increase is the same or less than the city’s average assessment increase, that property owner’s taxes should not significantly increase. However, if that property assessment increase is above the average increase in Kamloops, a more substantial property tax hike could be in store.
