View overlooking Okanagan Lake from Giant's Head Mountain municipal park in Summerland. Photo credit: Contributed

Summerland property values increase

Real estate prices increased by average of 16 per cent

Homes in Summerland are worth considerably more than they were a year ago, according to the latest provincial assessment figures.

The 2018 property assessment notices were mailed out earlier this week.

In the Okanagan, more than 227,000 properties will receive their assessment notices. Assessments are based on the market value as of July 1, 2017.

In Summerland the average assessment value is $582,000, an increase of 16 per cent over last year’s average assessment value of $500,000.

This value is for a single family home on a city lot. It does not include rural properties, farms or strata properties.

“It was a very, very strong market last year,” said Tracy Wall, deputy assessor.

Throughout the Okanagan, assessments increased from $98 billion in 2017 to $119 billion this year.

Of this amount, more than $2.5 billion is from new construction, subdivision and rezoning of properties.

“The majority of residential home owners within the region can expect a moderate increase compared to last year’s assessment,” Wall said.

“Some properties in our region were impacted by spring floods or summer wild fires. The local B.C. 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.”

Information on property assessments can be found online at bcassessment.ca. The website has details about the assessments, property information and trends. Property owners may also search, check and compare property assessments for anywhere in the province.

Those who believe their assessment does not reflect market value as of July 1, or those who see incorrect information on the notice should contact B.C. Assessment as soon as possible in January.

If a property owner still has concerns after speaking with an appraiser, they may submit a Notice of Complaint (Appeal) by Jan. 31, for an independent review by a Property Assessment Review Panel.

Property Assessment Review Panels, independent of B.C. 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.

The Okanagan B.C. Assessment office is located at 300-1631 Dickson Ave, Kelowna, B.C., V1Y 0B5.

In January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact B.C. Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca.

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