Okanagan homeowners can expect a more than 30 per cent increase in the assessed value of their homes this year.
BC Assessment released its 2022 figures, saying that a “robust” housing market in the Thompson Okanagan has driven up assessments. In Kelowna, the average assessment increased by 39 per cent compared to last year. West Kelowna saw a 37.8 per cent increase, Peachland is at 39.5 per cent, while Lake Country is at 36.3 per cent.
Overall, the Thompson Okanagan’s total assessments increased from $159.3 billion in 2021 to $204.2 billion this year. A total of about $3.3 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment acknowledged there are several properties in the region that have been damaged by wildfires and flooding. Homeowners with damaged properties are encouraged to contact BC Assessment at 1-866-825-8322 for possible amendments to their assessment.
The Central Okanagan’s most valuable properties remain largely unchanged from last year. The most valuable property in the Okanagan continues to be a mansion at 4358 Hobson Rd., now valued at $14 million, up from $10.6 million last year.
Other highly valued properties include an $11.2 million dollar home at 1683 Pritchard Dr. in West Kelowna, an acreage at 4800 Lakeshore Dr. worth $12.2 million, a custom home along the banks of Okanagan Lake at 10-180 Sheerwater Crt. in Kelowna valued at $11.9 million, a five-bedroom home at 12990 Pixton Rd. in Lake Country worth $13.5 million, and a home at 18250 Juniper Cove Rd. valued at $12.3 million.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Thompson Okanagan Deputy Assessor Tracy Shymko said. “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.”
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