Property value in Sun Peaks has decreased across the board, with over 1,600 Sun Peaks property owners seeing a change between -15 and 5 per cent.
“We looked at the property values in July 1, 2009 and July 1, 2010 and what we’re seeing in the sales is a drop in the magnitude,” explained Graham Held, deputy assessor, adding that the individual change in value will be determined by the type of property and its price point, among other factors.
“It worked out to an average of -2.5 per cent in the values in that time period.”
“It gives everybody an indication of where they should fall and if they’re outside of that range, then they might want to call us up and find out why.”
Appraisers look at the basic attributes of a property and compare them to similar properties sold recently in the neighbourhood to get an estimate of a property’s market value. Assessments go up and down depending on current market conditions.
In contrast, the provincial assessment role has never been higher according to B.C. Assessment, exceeding $1 trillion for the first time.
Questions or complaints can be directed to the B.C. Assessment office in Kamloops at 250-376-6281. Deadline for filing complaints is Jan. 31, 2011.
For more information, visit www.bcassessment.ca.