Property assessments in the Kelowna area are up 17 per cent over the year before with an average assessment of $725,000 for a single family residential home.
Owners of more than 227,000 properties throughout the Okanagan region can expect to receive their 2018 assessment notices over the next few days. The assessments reflect market value as of July 1, 2017.
The increase in Kelowna is typical of the increases in the area.
In Lake Country, assessments are also up 17 per cent with an average home priced at $727,000. In West Kelowna, assessments are up 15 per cent with an average home price of $682,000. Peachland’s average assessment is $612,000, an increase of 16 per cent from a year ago.
“The majority of residential home owners within the region can expect a moderate increase compared to last year’s assessment,” says deputy assessor Tracy Wall. “Some properties in our region were impacted by spring floods or summer wild fires. The local BC Assessment staff have identified most of these properties to ensure they receive an accurate assessment. It is still possible that some properties may still need to be reviewed, so owners may want to contact our office for more information if they have not already been contacted.”
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, the Okanagan’s total assessments increased from $98 billion in 2017 to $119 billion this year. A total of over $2.5 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties
BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.
“Property owners can find a lot of 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, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Wall.
“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 January 31st, for an independent review by a Property Assessment Review Panel.”