Property assessments decrease across region
Property values have dropped across the North Okanagan.
The region’s assessment roll decreased from $27,387,550,091 in 2012 to $26,391,682,576 in 2013. This year’s assessment roll includes $354,569,677 for subdivisions, rezoning and new construction.
“Most homes in the North Okanagan are remaining stable in value compared to last year’s assessment roll,” said Tracy Wall, deputy assessor with B.C. Assessment.
“Most homeowners in the North Okanagan will see modest changes in the zero to minus five per cent range.”
The average 2013 residential assessments are:
Armstrong: $294,000 ($308,000 - 2012)
Enderby: $243,000 ($252,000 - 2012)
Vernon: $377,000 ($387,000 - 2012)
Vernon strata: $184,000 ($191,000 - 2012)
Coldstream: $484,000 ($489,000 - 2012)
Spallumcheen: $333,000 ($349,000 - 2012)
Bucking the trend was Lumby, which saw assessments go from $250,000 to $262,000.
Most commercial and industrial properties will see changes ranging from plus five per cent to minus five per cent.
The overall North Okanagan statistics also include Revelstoke, Salmon Arm and Sicamous.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 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.”