Happy New Year from our home to yours! We hope that you had a fun filled & restful holiday season. While things quiet down for most businesses at the end of the year, our agents are busy getting ready to kick-off 2024! For some that might mean business planning, or goal setting or simply cleaning off their desk and getting organized for what is to come. Out with the old and in with the new they say!
In other news, the 2024 BC Property Assessment Notices are out! Nearly 500,000 properties throughout the Southern Interior should have received their 2024 assessment notices in the mail. This notice reflects the market value of the properties as of July 1, 2023.
Changes In Home Values
“Most homeowners throughout the Southern Interior can expect modest changes and even some
decreases in their assessment values,” says Southern Interior Deputy Assessor Boris Warkentin.
“With the softer real estate market, most changes in home values will be somewhere between -10% to +5% in the Thompson-Okanagan communities whereas Kootenay Columbia changes are slightly more at -10% to +10%. Lytton is the exception with larger increases as market activity recovers in the community.”
BC Assessment office reported that the Southern Interior’s total assessments increased from $303 billion in 2023 to almost $315 billion this year. A total of almost $5.9 billion of the regions updated assessments are from new construction, subdivisions and the rezoning of properties.
If you have questions about your assessment, call us as we would be happy to provide you with a Complimentary Market Evaluation of your property. Once you are armed with information from your RE/MAX Sales Associate you may wish to contact BC Assessment Office at 1 866-825-8322.
If you think your assessment is incorrect, you may file a Notice of Complaint (appeal) for a formal hearing with an independent Property Assessment Review Panel.
The deadline for filing a notice of complaint (Appeal) is January 31, 2024.
For More Information visit BC Assessment website. https://www.bcassessment.ca/
It’s good to have a friend in the real estate business!
Cheers to a great 2024!!