Some homeowners in the South Cariboo are already preparing to appeal their assessments after receiving early notice of a significant increase in their property assessment values.
The increases are across the region – from 100 Mile where Teresa Porter’s property increased 43 per cent and Clinton, where former mayor Susan Swan is seeing a 140 per cent rise on her 1960 duplex.
Assessor Bryan Murao said in a news release that most homeowners can expect to see a five to 15 per cent increase in their assessments this year. Assessments are based on house values sold up to and around July 1, 2022.
“I realize it’s all based on market values and from months past,” said Porter. “However, it’s ludicrous to have that large of an increase without major renovations or upgrades to warrant it.”
Swan said when she phoned BC Assessment she was told the increase was based on the sale of similar properties in Clinton. However, she said there are three duplexes in Clinton and none of them have sold. She spoke with one other duplex owner who told Swan hers went up 139 per cent.
“So what are they basing it on?” she asked.
Murao said they are aware that since July 1 the real estate market has changed as interest rates rose and overall sales volume went down. As a result, people can expect to see their next property assessment will most likely be higher than what current market values are but this will be the same for everyone.
“An increase in assessed value does not, however, necessarily result in an increase in property taxes,” he said. “Taxes are typically only affected if you are above the average value change for your community. Our job is to make sure your assessment is a fair and accurate reflection of market value sales based on July 1st.”
All British Columbia property owners will receive their annual property assessment notices in early January 2023.
Homeowners have until Jan. 31 to appeal. Swan said she will be calling the Kamloops Assessment office.