BC Assessment has released its new home and property values, with the average Merritt property owner seeing a 14 percent increase in the value of their property. With last year’s hot real estate market, along with the rising costs of construction and home ownership, property values across the province are reaching higher levels.
Merritt and the Nicola Valley fall within BC Assessment’s Thompson Okanagan region, which also includes larger centres such as Kamloops and Kelowna, along with the surrounding smaller communities. The Thompson Okanagan’s total assessments increased from $203.7 billion in 2022 to $234.3 billion this year. BC Assessment said these values, along with individual home assessments, are calculated based on the value of the property the previous July.
“Home assessments for Kamloops and the surrounding area are rising about 10% to 15% for most communities whereas some communities will be notably higher,” said Tracy Shymko, Thompson area assessor.
“It is important to think about your assessment as what you could have sold your home for around July 1 of the past year and not necessarily in today’s real estate market.”
The average value of a home in Merritt has risen 14 percent from $416,000? in 2022, to $475,000 this year. A number of other communities saw significantly higher increases, and some lower. Clearwater saw a 29 percent increase, Clinton with a 41 percent increase, and Sun Peaks with a whopping 44 percent increase. No median assessments saw a decrease, but a number of communities stayed within a 10 percent increase.
BC Assessment added in a press release that while the increases could mean higher property taxes, this isn’t necessarily the case. Those whose property values increased at a lower rate than the 14 percent average will likely see a decrease in property taxes. Those with property values that increased more than 14 percent will likely see an increase in taxes as well. While property taxes in the City of Merritt will likely increase due to a number of economic factors, those whose properties have been damaged by recent extreme weather events can contact BC Assessment regarding their property’s value.
“If your property was impacted by the 2021 floods, mudslides, or wildfires, please take a few moments to contact us toll-free at 1-866-825-8322 during January once you receive your assessment notice,” noted Shymko.
“With your help, we can work together to make sure your property is valued correctly.”
Those concerned with their property value can contact BC Assessment and speak to an assessor. If unsatisfied after speaking to an assessor, a Notice of Complaint must be filed by January 31st, to be submitted for independent review by a Property Assessment Review Panel. The Panel is independent of BC Assessment, appointed by the provincial government, and typically meets between February 1 and March 15 to hear formal complaints.
Property owners can contact BC Assessment by phone at 1-866-825-8322, or online at www.bcassessment.ca.
