Property values show little change throughout region
Property values in Summerland remained close to last year’s levels, according to the latest property assessment notices.
According to the figures from B.C. Assessment, most of the more than 67,000 property owners in the South Okanagan will see changes within five per cent of last year’s figures.
In Summerland, the average assessment value dropped from $444,000 in 2011 to $443,000 this year, a decrease of around 0.3 per cent.
“Most homes in the South Okanagan are remaining stable with some communities rising slightly and others decreasing slightly in value compared to last year’s assessment roll,” said Tracy Wall, deputy assessor.
Summerland’s average assessment level remains the highest in the South Okanagan.
In Penticton, a typical home valued at $399,000 last year was assessed at $394,000 this year.
Throughout most of the region, assessments remained stable or showed a slight decrease, but in Oliver, Osoyoos and Princeton, assessments increased.
In Princeton, a typical house increased from $215,000 in 2011 to $223,000 this year, an increase of just under four per cent.
In Oliver, the average assessment rose from $303,000 to $314,000, which works out to around 3.5 per cent.
In Osoyoos, the property values rose by 0.75 per cent, from $398,000 to $401,000.
Commercial and industrial properties will see changes ranging from a five per cent decrease to a 10 per cent increase in assessment values.
Those property owners who believe their assessment does not reflect the market value as of July 1 or who see incorrect information should contact B.C. Assessment as soon as possible in January.
Those who are still concerned about the assessment after speaking with an appraiser should submit a Notice of Complaint (Appeal) by Jan. 31 for an independent review by a Property Assessment Review Panel.
The panels will meet between Feb. 1 and March 15 to hear formal complaints.
The Okanagan assessment office is at 202-1500 Hardy St., Kelowna. In January it is open from 8:30 a.m. to 4 p.m. Monday to Friday. The telephone number is 250-763-8300 or 1-800-990-1192.
More information is available at bcassessment.ca.