The average value of a house in Merritt has increased by $5,000 for 2016.

According to a BC Assessment press release outlining the estimates of typical 2016 versus 2015 assessed values of residential houses, Merritt homes saw an increase from $236,000 to $241,000.

City of Merritt financial director Sheila Thiessen said the housing market has remained stable in 2015, however, a review from BC Assessment of properties in Merritt this past year caught a few things.

On a list of 12 communities that BC Assessment reviews in the Thompson area, Merritt’s 2016 property assessment roll ranked fourth, with only Chase ($270,000), Kamloops ($387,000) and Sun Peaks ($726,000) boasting higher values.

“They picked up some additions that weren’t picked up before, so they’ve readjusted the values of some homes,” Thiessen said.

She said BC Assessment would have looked for physical changes such as car ports enclosed into garages.

On a list of 12 communities that BC Assessment reviews in the Thompson area, Merritt’s 2016 property assessment roll ranked fourth, with only Chase ($270,000), Kamloops ($387,000) and Sun Peaks ($726,000) boasting higher values.

Neighbouring Logan Lake’s average house value was $211,000 — down an estimated $7,000 from 2015’s $218,000.

The Thompson communities, excluding Kamloops, saw a typical change in property values of about plus or minus 10 per cent for residential homes, and plus or minus five per cent for strata units, commercial property and light industrial property.

The other communities on that list are Barrier, Clearwater, Ashcroft, Cache Creek, Clinton, Lillooet and Lytton.

BC Assessment is a Crown corporation that collects, monitors and analyzes property data throughout the year.

The Thompson communities, excluding Kamloops, saw a typical change in property values of about plus or minus 10 per cent for residential homes, and plus or minus five per cent for strata units, commercial property and light industrial property, the press released stated.

“For the vast majority of properties in the province, they really don’t change much from year to year other than they get older and people do the usual maintenance on them,” said Graham Held, deputy assessor for BC Assessment.

Held indicated that property sales are the predominant factor that determines the property value estimation.

The value of the land and building are also key determining factors for housing assessments, he said.

“For the vast majority of properties in the province, they really don’t change much from year to year other than they get older and people do the usual maintenance on them.” —Graham Held, deputy assessor for BC Assessment.

The incremental increase in house values that Merritt experienced shows stability in this market, Held said. He also said that relatively speaking, there were not many new houses added to the city.

Overall, the Thompson area’s total assessments increased from $23.59 billion in 2015 to $24.14 billion this year. A total of almost $308 million of the Thompson area’s updated assessments is from new construction, subdivisions and rezoning of properties, the press release stated.

The 2016 assessments reflect market value as of July 1, 2015.

If a property owner is still concerned about their assessment after speaking to a BC Assessment appraisers, they can submit a Notice of Complaint by Feb. 1, for an independent review by a Property Assessment Review Panel.

The panel is independent of BC Assessment, and appointed annually by the Ministry of Community, Sport and Cultural Development. They typically meet between Feb. 1 and March 15 to hear formal complaints.