If your Salmon Arm home was assessed around the $400,000 mark in 2020, it’s likely assessed at well over half a million dollars now.
According to BC Assessment, a ‘typical’ Salmon Arm single-family house assessed at $426,000 in 2021, based on its potential selling price on July 1, 2020, would be assessed in 2022 at $574,000, an increase of 34 per cent.
In Sicamous, while the potential selling prices are lower, the increase in assessed value is slightly higher.
BC Assessment states that a ‘typical’ Sicamous single-family house assessed at $318,000 in 2021 would be assessed in 2022 at $450,000, a 38 per cent increase. The 2022 assessment is based on the potential selling price of the home on July 1, 2021.
In Chase, a ‘typical’ $309,000 home in the 2021 assessment would increase in assessed value in 2022 by 36 per cent to $427,000.
Salmon Arm, Sicamous and Chase are listed by BC Assessment in the Thompson Okanagan region. Throughout the region, many communities are seeing increases of more than 30 per cent.
Assessor Tracy Wall pointed out that although increases are very high for the region, a number of residents have been affected by wildfires and floods.
“We really really want them to come to our office and speak to our appraiser, so we have accurate information for their assessment,” she said.
Wall recommended that people go to the BC Assessment website at: www.bcassessment.ca/Property/AssessmentSearch where they can see their assessment.
“There is an interactive map if you scroll down… You can touch the map for your neighbour’s property. Likely their assessment is changing similar to yours.”
The assessment increase for strata residential properties such as condos and townhouses in the Thompson Okanagan region is lower than the increase for single-family houses, running in the 20 to 25 per cent mark.
An increased assessment does not necessarily mean a homeowner’s taxes will increase. It’s how your assessment changes relative to the average change in your community that matters. For instance, if the change to your property value is higher than the average change for your property class, your taxes will likely increase.
If you have concerns or questions about your assessment, you’re asked to call your regional assessment office as soon as possible in January.
As for assessed values, the highest out of the 30 communities listed is Lake Country at $662,000 in the 2021 assessment increasing to $886,000 in 2022. Sun Peaks is actually higher, listed at $921,000 in 2021 assessed value jumping 25 per cent to $1,146,000 in the 2022 assessment.
Lowest typical price listed in the Thompson Okanagan region for a single family house by BC Assessment goes to Clinton.
The 2021 assessment was for $155,000, which rose by 17 per cent in the 2022 assessment to $176,000.
BC Assessment also keeps track of the top 25 valued properties in communities.
In Salmon Arm, the top 25 prices listed by BC Assessment range from $1.6 million to $2.5 million.
At the top is a single family home at 981 Harbourfront Dr. NE priced at $2,528,000. There are only four single family homes listed in the top 25; the rest are described as acreages.
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