Over the past two years the assessed value of Princeton single family homes increased by more than 50 per cent, according to data released by BC Assessment.
The most recent numbers, reflecting values between July 2021 and July 2022, indicate an average 15 per cent increase in property values.
For the previous year, the increase was 33 per cent, and compounded that equates to 53 per cent.
Last year the average assessed value of a home in Princeton went from $338,000 to $389,000.
Despite the significant jump, value of homes in Princeton still pales in comparison to those in Penticton ($727,000), Summerland ($790,000) and Keremeos ($505,000).
Throughout the Thompson-Okanagan Region only Clinton ($248,000) and Cache Creek ($324,00) have lower assessments than Princeton.
The most expensive residential, single family home in Princeton, according to the BC Assessment website, is a three-bedroom, three-bath home, built in 2020 on five acres on Highway 3 West, worth $1.34 million.
Princeton director of finance James Graham explained that an increase in assessed value does not necessarily translate into a municipal tax increase for individual property owners.
The assessment increase is factored into the mill rate, so tax bills are automatically adjusted, he said.
If someone has a property assigned a value increase more than 15 per cent, they should call BC Assessment and ask for an explanation and to request an appeal before the end of the month, said Graham.
“January is property appeal month.”
Graham said he is surprised that more property owners have not requested re-assessments based on flood damage.
Approximately 300 homes experienced damage during the November 2021 flood, yet only one supplemental assessment, reducing a property to a $1,000 value, has been submitted.
“If people have had significant damage to their homes, they should also contact BC Assessment.”
BC Assessment can be reached at 1-866-825-8322 or by visiting www.bcassessment.ca
Related: B.C. government increases homeowner grant limit as home values rise by 12 per cent
Related: EDITORIAL: The impact of rising assessment values
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