The total value of real estate in the Shuswap may have risen since July 2010, but property values, by and large, have remained static or declined.
By now, most property owners will have received a notice from BC Assessment inform-ing them of the current market value of their property. For Salmon Arm, the total assessment roll increased from $2.85 billion last year to $2.96 billion in 2011. However, this doesn’t translate into any dramatic changes for the majority of homeowners.
“The assessments of most homes in Salmon Arm on this year’s assessment roll have not changed significantly from the 2010 assessment roll,” says BC Assessment regional deputy assessor Dan Gaudry in a release.
Most homeowners, says Gaudry, will see modest change, either up or down by five per cent. Sicamous, too, saw an increase in the total assessment roll value, from $901 million to $905 million. How-ever, Gaudry says most homes were worth slightly less than in 2010.
“For example, a typical single-family home that was assessed at $326,000 on the last assessment would be assessed at $316,000 on the 2011 assessment,” says Gaudry.
BC Assessment’s figures reflect current real estate sales in the area, as well as other characteristics such as size, age, quality, condition, view and location. The figures are used by municipal governments to determine property tax rates. Gaudry notes that property owners who feel their assessment does not reflect market value as of July 2010, or see incorrect information in their notice, should contact the BC Assessment office indicated on their notice before the end of January.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by Jan. 31, for an independent review by a property assessment review panel,” says Gaudry.
BC Assessment’s Okanagan office may be reached at 1-250-763-1192.