Residential properties in Lillooet recorded a more than 20 per cent increase in assessed value as of July 1, 2019, increasing from $215,000 to $257,000 over the previous year.
Assessment notices are out for properties in the Thompson Okanagan region, which includes Lillooet, and while the general trend has been for market value to remain fairly stable, local assessments–with some stiff competition from nearby communities–recorded the second largest increase on the list.
“Throughout the Thompson, the majority of home owners can expect an increase in value compared to last year,” Thompson area deputy assessor Tracy Shymko said in a news release.
“Comparing July 2018 and July 2019, home values have risen consistently for most of Kamloops and the Thompson, with a few communities seeing increases slightly higher than others, especially in Clinton, Lillooet, Ashcroft and Lytton.”
Clinton experienced the highest average increase in assessed values at 25 per cent, with average values increasing from $120,000 to $150,000.
Lytton and Ashcroft tied to round out the top three, with a 17 per cent bump drawn from an average assessment increase to $160,000 and $222,000 each, from $138,000 and $261,000.
While most municipalities in the region experienced single-digit assessment increases, a number of communities saw their average assessments drop, specifically Kelowna (-2 per cent), West Kelowna (-1 per cent), Penticton (-3 per cent) Peachland (-1 per cent), Coldstream (-2 per cent), Spallumcheen (-5 per cent) and Sun Peaks (-2 per cent).
The number for Sun Peaks is an interesting contrast with last year, when the municipality topped the list with the largest increase, up 18 per cent from $718,000 to $847,000 assessed value.
BC Assessment collects, monitors and analyzes property data throughout the year. It indicates the Thompson Okanagan's estimated range of percentage changes to 2020 assessment values by property type compared to 2019.
Overall, the Thompson Okanagan’s total assessments increased from about $147.7 billion in 2019 to $153.1billion this year. A total of about $2.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment’s website at bcassessment.cahas self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province in addition to other services and information including lists of the top valued residential properties across the province.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” deputy assessor Tracy Wall said.
“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.”