Summerland property values increase

While average property assessments around the Okanagan Valley fell slightly over the past year, homes in Summerland increased in value.

While average property assessments around the Okanagan Valley fell slightly over the past year, homes in Summerland increased in value.

The average assessment value in Summerland for this year was $419,000, up from an average of $417,000 last year.

The assessments are used when the municipality calculates its property taxes for its budget later this year.

Of the communities in the South Okanagan, Similkameen and Boundary regions, Summerland was the only one where the value increased.

In Penticton, the average assessed value of a home fell from $374,000 to $372,000. Strata properties in Penticton fell from an average of $222,000 to $217,000.

In Keremeos, the average assessment value fell from $241,000 to $225,000, in Oliver the decrease was from $303,000 to $300,000 and in Osoyoos an average property value fell from $369,000 to $364,000.

Property values in Princeton dropped from an average of $214,000 to $204,000.

In the Boundary region, the trend continued.

In Grand Forks, the average assessment fell from $206,000 to $199,000 and in Greenwood, the average assessment dropped from $126,000 to $125,000.

Tracy Wall, deputy assessor with B.C. Assessment, said a few other communities also saw average property values increase. In Enderby, Coldstream and Kelowna, values are higher than in 2013, but elsewhere, the trend was slightly downward.

Wall said values in the region have remained stable for the last two years. She added that most residential properties in the region will see increases or decreases of up to five per cent.

Commercial properties will see changes ranging from an increase of up to five per cent to a decrease of up to 10 per cent.

Assessments are based on a property’s value as of July 1, 2013.

Those who believe the assessed value does not reflect the market value from that date are asked to contact B.C. Assessment.

Those who are still concerned about the assessed value after speaking to an appraiser may submit a Notice of Complaint (Appeal) by Jan. 31 for an independent review by a Property Assessment Review Panel.

The panels are independent of B.C. Assessment. They are appointed each year by the Ministry of Community, Sport and Cultural Development and meet each year between Feb. 1 and March 15.

The assessment office for the Okanagan is at 300-1631 Dickson Ave., Kelowna.

In January, office hours are Monday to Friday from 8:30 a.m. to 5 p.m. The telephone number is 1-866-valueBC (1-866-825-8322.)

Information is also available online at www.bcassessment.ca.