Your house isn’t worth as much as it was a year ago.
B.C. Assessment figures state property assessments in all North Okanagan communities have decreased between July 2010 and July 2011.
“We base our assessments on market values,” said Tracy Wall, deputy assessor.
“We’ve found the market is stable with minor changes in the communities.”
Most homeowners in the North Okanagan will experience changes in the zero to minus 10 per cent range.
In terms of specific communities, the average residential assessment in Vernon has gone from $395,000 to $390,000, while it remains at $195,000 for stratas.
In Armstrong, assessments have decreased from $317,000 to $310,000, while it’s gone from $268,000 to $253,000 in Enderby and from $500,000 to $493,000 in Coldstream.
Residential assessments have decreased from $353,000 to $347,000 in Spallumcheen and from $266,000 to $252,000 in Lumby.
“A slight decrease is not any reason to be concerned,” said Wall.
“The market is fluid. It goes up, it goes down, it stays the same.”
Among the factors considered when establishing an assessment is the location of the property, the age of the structure and the state of the local economy.
Assessments do not specifically indicate how much a property can currently be sold for because the notice details are from last summer.
“The market can change over days and months,” said Wall.
Owners of commercial and industrial properties in the North Okanagan will see assessment changes ranging from minus 10 per cent to plus 10 per cent.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or see incorrect information on their notice should contact our office 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 Jan. 31, for an independent review by a property assessment review panel.”
Less than two per cent of B.C. property owners appeal their assessment notices.