The average property assessment in 100 Mile House has gone up two percent.
The typical assessment value of a property in 100 Mile House rose two percent, from $236,000 in 2019 to $242,000 as of July 1, 2020, according to a BC Assessment news release issued Monday. In Williams Lake, the average property assessment rose seven percent, from $249,000 in 2019 to $266,000 in 2020, while it rose just two percent in Clinton, from $150,000 in 2019 to $153,000 last July.
Real estate sales determine a property’s value which is reported annually by BC Assessment. As a result, assessments can vary from property to property. Assessments will be arriving in the mail later this week.
When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
BC Assessment’s website at bcassessment.ca includes more details about 2021 assessments, property information and trends such as lists of 2021’s top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2021 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
If a property owner is concerned about their assessment after speaking to an appraiser, they may submit a Notice of Complaint (Appeal) by Feb. 1, for an independent review by a Property Assessment Review Panel. The panel is appointed annually by the provincial government, and typically meet between Feb. 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Shymko added. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”