More than 1,600 property owners in Sun Peaks can expect to receive their 2010 assessment notice in the next few days.
“Most homes in Sun Peaks are worth more on this year’s assessment roll than they were on the 2009 assessment roll,” said Bruce Tasaka, Regional Assessor. “Most home- owners in Sun Peaks will see increases in the 5 per cent to 15 per cent range.”
Changes in property assessments are reflective of movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, a professional appraiser analyzes current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2009 or see incorrect information on their notice should contact the B.C. Assessment office indicated on their notice as soon as possible in January,” said Tasaka.
Assessments and sales by address are available for residential property owners to further assist them in understanding their property’s market value and to provide comparable sales information. This service is available on BC Assessment’s website at www.bcassessment.ca; click on the e-valueBC link. Paper copies of neighborhood assessments are also available at local area offices and most municipal halls, libraries and government agent’s offices across the province.
“If a property owner is still concerned about their assessment after speaking to one of our staff, they may submit a Notice of Complaint (Appeal) by Feb. 1 for an independent review by a Property Assessment Review Panel,” said Tasaka. The panels, independent of B.C. Assessment, are appointed annually by the Ministry of Community and Rural Development, and meet between Feb. 2 and March 15 to hear formal complaints.
Assessments are the estimate of a property’s market value as of July 1, 2009. This common valuation date ensures that all properties are assessed fairly and there is an equitable base for property taxation.
The real estate market creates property value, which is reported annually by B.C. Assessment. Local governments and other taxing authorities are responsible for property taxation, and after determining their own budget needs this spring, will determine their property tax rates based on B.C. Assessment’s data.
The Kamloops Assessment Office is located at 805 Renfrew Avenue, North Kamloops. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.
For more information on the 2010 Assessment Roll, regional and province-wide real estate market trends, please visit www.bcassessment.ca and click on the 2010 assessment roll information link.