Property values decrease in Penticton, rise elsewhere in South Okanagan Similkameen

BC Assessment values have been sent out to property owners

Property values for single-family homes decreased slightly in Penticton, which was not the case for other communities in the South Okanagan and Similkameen.

The assessment notices have been sent out by BC Assessment, reflecting market values as of July 1, 2019.

“For the Okanagan region, the majority of homeowners can expect to see stable values with slight changes from last year,” said Tracy Wall, deputy assessor for the Okanagan area in a news release. “Commercial and industrial properties have shown increases, especially in the North Okanagan.”

In Penticton, the value of a typical home dropped by three per cent, from $481,000 in 2018 to $469,000 in 209 while strata homes went up by two per cent from $281,000 to $287,000.

In Summerland assessed values for single-family homes increased by an average of two per cent, from $517,000 in 2018 to $526,000 in 2019.

Properties in Keremeos also increased by two per cent, rising from an average of $270,000 in 2018 to $275,000 in 2019.

Princeton saw the largest increase in the region, at nine per cent.

A typical home in Princeton increased in value from $197,000 in 2018 to $215,000 in 2019.

READ MORE: B.C. assessed home values to dip 2.5% in 2020

Oliver properties increased in value by an average of two per cent, rising from $381,000 to $389,000.

In Osoyoos, the average increase was four per cent, from $413,000 to $430,000.

Strata homes in Kelowna and West Kelowna went down two and four per cent respectively while Vernon and Kamloops saw values rise by four and eight percent.

Each year, BC Assessment collects, monitors and analyzes property data throughout the year.

The total value of assessments in the Thompson Okanagan region increased from around $147.7 billion in 209 to $153.1 billion this year.

Around $2.7 billion of the updated assessments comes from new construction, subdivisions and rezoning of properties.

Details about the assessments and changes can be found online at bcassessment.ca The site also has self-service access to a free online property assessment search. By registering for a free BC Assessment custom account, people can search a property’s 10-year value history, store and access favourites, create comparisons, monitor neighbourhood sales and use an interactive map.

“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Wall said.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review by a property assessment review panel.”

READ MORE: Property assessments continue to increase in the South Okanagan

The property assessment review panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, 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,” said Tracy Shymko. “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.”

Those who have questions may contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca During January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.


 

@PentictonNews
newstips@pentictonwesternnews.com

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