Update: January 24, 2024
Original Post: January 8, 2024
Your 2024 property assessment from BC Assessment is on its way to your mailbox. The property assessments reflect the market value of your property as of July 1, 2023.
According to BC Assessment, the typical assessed value of a single-family residential property in Sicamous has increased by four per cent in the past year. The typical assessed value is the median, or “middle” value. Half of the property assessments are higher and half of the assessments are lower.
The average property increase, which is calculated by adding all of the individual property values and dividing that total by the number of properties, is an increase of two per cent.
Looking to learn more about property assessment in Sicamous?
BC Assessment will attend the January 24 committee of the whole meeting to share information with the committee and the public. The meeting begins at 1 p.m. in council chambers at Municipal Hall (446 Main Street). The public is encouraged to attend in person or online via ZOOM.
How are properties assessed?
The following information is based on a media release from BC Assessment published on January 2, 2024.
- BC Assessments collects, analyzes and monitors property data throughout the year.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.
- When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area and consider characteristics such as size, age, quality, condition, view and location.
What is the relationship between property assessment and property taxes?
- An increase in your assessed value does not imply that your property taxes will increase.
- "The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction" (BC Assessment).
- Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction (BC Assessment).
When will we know more about 2024 property taxes?
- The District of Sicamous is preparing its five-year financial plan. This is accomplished during the select finance committee meetings that will continue until February. Once the five-year financial plan bylaw is approved by council, property taxes will be set in the form of a bylaw. The property tax bylaw must be adopted by May 15.
Can I appeal my property assessment?
- Property owners can appeal their property assessments. The deadline is January 31, 2024.
- To learn about the appeal process, please visit the BC Assessment website.
- BC Assessment Presentation (January 24, 2024)
- Most home values flattening after years of sharp increases, B.C. Assessment data shows | CBC
- Southern Interior 2024 Property Assessments in the Mail | BC Assessment
- Your assessment notice and property taxes | BC Assessment