While the taxable value of residential properties in the Kamloops area went up by an average of six per cent, the value of commercial properties seemed to really depend on what kind of businesses were located in them.

Tracy Shymko is the acting assessor with BC Assessment for the Thompson-Okanagan and says the commercial values in Kamloops varied between being up or down by 5 per cent – with some specific properties being down as much as 15 per cent.

“We will see some property types that are commercial in that minus 15-per cent range but those are for properties that are quite specific and have been hit particularly hard with the COVID outbreak,” she said on the NL Noon Report. “Things that have closed like Casinos or airports where numbers are significantly down.”

Shymko says those values will recover as business returns to something more resembling normal before the pandemic took effect.

“It all goes back to sales. So we look at sales transactions throughout the year. So July 1st is our valuation date so we look at those in and around July 1st to see what’s happening with the market and then we set it based on that,” she said.

“So primarily what we saw – there were 40 commercial sales – so that’s quite a few transactions for the Kamloops area.”

The President of the Kamloops Chamber of Commerce meanwhile is encouraging landlords to keep working with their tenants to ensure businesses can stay afloat during a difficult economic time.

“It is a shame to see property values from B.C. Assessment standpoint come down for commercial buildings, but if there is any sort of reduction seen through taxes, you know, our hope would be that that sort of reduction can hopefully be shared in some way on to those businesses that are also struggling,” Tyson Andrykew said on the NL Morning News.

“We’ve encouraged landlords very early on in the pandemic to work with their tenants to just try and accommodate and try and work together as much as possible.”

Property owners can see their updated assessed values by clicking here.

– With files from Victor Kaisar